- Significantly lower fourth quarter 2012 customer spending on capital equipment and consumable products than previously anticipated, especially in the company’s Drilling product line.
- Customer deferrals in accepting delivery of higher margin capital equipment orders from existing backlog.
- Under absorption of manufacturing costs.
- Acquisition transaction expenses, severance, weather related inefficiencies, and other transitory costs.
Forum Energy Technologies, Inc. (NYSE:FET) announced today that, based on currently available information, the company now expects full year 2012 earnings per diluted share of $1.72 to $1.74. This is below the company’s previous guidance range of $1.83 to $1.88. The company indicated the reduction in the expected range for full year 2012 earnings per diluted share is primarily the result of: