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Forum Energy Technologies Announces Fourth Quarter And Full Year 2012 Earnings

Stocks in this article: FET

Forum Energy Technologies, Inc. (NYSE:FET) today reported fourth quarter 2012 revenue of $330 million compared to $337 million for the fourth quarter 2011. Net income for the fourth quarter 2012 was $24 million, down from fourth quarter 2011 net income of $32 million. Diluted earnings per share for the fourth quarter 2012 were $0.26, compared to fourth quarter 2011 diluted earnings of $0.43 per share. Included in the fourth quarter 2012 results was $0.02 per share of charges for transaction expenses, severance and foreign exchange losses. The fourth quarter 2011 diluted earnings per share did not include the impact of the 16.6 million shares issued in connection with Forum's initial public offering in April 2012.

Forum's total revenue for the full year 2012 was $1.415 billion, an increase of $287 million, or 25% from 2011. Net income was $151 million in 2012, an increase of $58 million, or 62%, from 2011 mainly due to higher market demand for our equipment and products, and the full year benefit in 2012 of the eight acquisitions completed during 2011. Diluted earnings per share for the year were $1.74.

Fourth Quarter Results by Segment

Drilling & Subsea

Drilling & Subsea revenue in the fourth quarter 2012 was $187 million, a decrease of $7 million, or 3%, from the fourth quarter 2011. The Drilling Technologies product line revenue decreased 6% compared to the fourth quarter 2011 on a decrease in the North America rig count. The Subsea Technologies product line revenue increased modestly in the fourth quarter 2012 over the fourth quarter 2011.

Production & Infrastructure

Production & Infrastructure revenue in the fourth quarter 2012 was $143 million, which was flat with revenue in the fourth quarter 2011. Strong demand and revenue growth for Valve Solutions and Production Equipment were offset by significantly lower demand for our Flow Equipment product line in the fourth quarter 2012 compared to the fourth quarter 2011.

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