Forum Energy Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Provides Tax Rate Guidance for the Full Year 2018
February 08, 2018 at 07:24 pm EST
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Forum Energy Technologies, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017.
For the fourth quarter 2017, the company reported Revenue was $247.7 million against $147.1 million a year ago. Operating loss was $27.1 million against $24.8 million a year ago. Income before income taxes was $85.0 million against loss of $25.2 million a year ago. Net income attributable to common stockholders was $51.3 million against loss of $12.5 million a year ago. Diluted loss per share was $0.47 against loss of $0.14 million a year ago. Excluding $56 million or $0.51 per share of special items, the adjusted net loss was $0.04 per diluted share in the fourth quarter of 2017. EBITDA was $112.4 million against LBITDA of $3.5 million a year ago. Adjusted EBITDA was $20.6 million against Adjusted LBITDA of $5.8 million a year ago.
For the full year, the company reported revenue was $818.6 million against $587.6 million a year ago., Operating loss was $141.6 million against $129.0 million a year ago. Loss before income taxes was $55.2 million against $138.1 million a year ago. Net loss attributable to common stockholders was $57.1 million against $82.0 million a year ago. Diluted loss per share was $0.58 against $0.90 a year ago. Net cash used in operating activities was $40.0 million against net cash provided by operating activities of $64.3 million a year ago. Capital expenditures for property and equipment, net of proceeds from sale was $24.7 million against $6.6 million a year ago. Excluding $0.20 per share of special items, adjusted net loss was $0.38 per diluted share for the full year 2017. EBITDA was $36.7 million against LBITDA of $48.9 million a year ago. Adjusted EBITDA was $29.1 million against Adjusted LBITDA of $24.9 million a year ago. Net debt at the end of the fourth quarter was $393 million, up $150 million.
In the first quarter 2018, the company expects revenue of $240 to $255 million and EBITDA of $18 to $23 million, which implies the EPS range of negative $0.06 to negative $0.03. The company expects Interest expense to be $8 million in the first quarter 2018. The company expects Corporate expenses to be $8 million in the first quarter. The company expects Depreciation and amortization to be $20 million in the first quarter.
The company estimates that effective tax rate for the full year 2018, taking into account the U.S. tax reform, will be approximately 25%.
Forum Energy Technologies, Inc. is a global company serving the oil, natural gas, industrial, and renewable energy industries. The Companyâs segments include Drilling & Downhole, Completions and Production. Its Drilling & Downhole segment designs, manufactures and supplies products and provides related services to the drilling, well construction, artificial lift, and subsea energy construction markets, including applications in oil and natural gas, renewable energy, defense, and communications. Its Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. Its Production segment designs, manufactures, and supplies products and provides related equipment and services for the production and infrastructure markets. It provides a range of industrial valves. The Company also manufactures customized downhole technology solutions in sand and flow control for heavy oil applications.
Forum Energy Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Provides Tax Rate Guidance for the Full Year 2018