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Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2014 revenue of $404 million compared to $373 million for the first quarter 2013. Net income for the first quarter 2014 was $37 million or $0.38 per diluted share compared to $32 million or $0.34 per diluted share for the prior year period. Included in the first quarter 2014 results were $0.02 per share of non-operational items. Excluding these items, adjusted diluted earnings per share were $0.40. See table I for a reconciliation of GAAP to non-GAAP financial information.
First Quarter Results by Segment
Drilling & Subsea
Drilling & Subsea revenue in the first quarter 2014 was $262 million, an increase of $40 million, or 18%, from the first quarter 2013. The increase was primarily due to the contributions from acquisitions closed in the third quarter 2013, and increased sales for drilling equipment and downhole products. Segment operating income in the first quarter 2014 was $47 million, an increase of $12 million, or 33%, as margins improved for drilling equipment and products.
Production & Infrastructure
Production & Infrastructure revenue in the first quarter 2014 was $143 million, a decrease of $9 million from the first quarter 2013. The segment experienced lower demand for valves and production processing systems over the prior year. Sales for pressure pumping consumable products increased 19% from the prior year period. Segment operating income increased 12% due to the addition of the Global Tubing joint venture acquired in the third quarter 2013.
Review and Outlook
Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, "Forum had a good start to 2014 with record revenue of $404 million and improved operating income and margins. Our focus continues to be on driving growth, improving operating performance and increasing our margins.