Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2013 revenue of $368 million compared to $374 million for the second quarter 2012. Net income for the second quarter 2013 was $30 million or $0.32 per diluted share, including charges of $3 million before tax or $0.02 per diluted share for transaction expenses and foreign exchange losses.
Second Quarter Results by Segment
Drilling & Subsea
Drilling & Subsea revenue in the second quarter 2013 was $209 million, a decrease of $13 million, or 6%, from the second quarter 2012. The Drilling Technologies product line revenue decreased compared to the second quarter 2012 on a decline in the North America land rig count. The Subsea Technologies product line revenue increased modestly over the second quarter 2012. The Downhole Technologies product line revenue increased compared to the prior year period primarily due to the acquisition of Wireline Solutions and strong demand for its drillable composite frac plugs.
Production & Infrastructure
Production & Infrastructure revenue in the second quarter 2013 was $159 million, an increase of $8 million, or 5%
over the second quarter 2012. The Production Equipment and Valve Solutions product lines had double digit revenue growth over the prior year period on strong demand for production and processing systems, and for valves from the petrochemical and refining industries. The Flow Equipment product line second quarter 2013 revenue was down from the high levels in the 2012 period due to the reduced demand in the pressure pumping sector.
Review and Outlook
Cris Gaut, Chairman and Chief Executive Officer of Forum, remarked, "Our second quarter 2013 results were little changed from our first quarter results due primarily to the relatively flat U.S. land rig count and a slower seasonal recovery in Canada.