Forum Energy Cuts Q3 Outlook Due to Harvey Impact

Forum Energy Technologies (FET) said Thursday that its Q3 financial results were adversely impacted by Hurricane Harvey’s widespread damage in Texas and Louisiana, and now expects revenues of approximately $200 million and adjusted net loss of $0.10 per share for the quarter.

The company previously issued net loss guidance of $0.07 to $0.04 loss per share, on sequential revenue growth of 8% to 12%. Analysts polled by Capital IQ have been expecting a loss of $0.06 per share and revenue of $219.9 million.

“We were fortunate that none of our facilities received significant damage, and all were fully operational by the end of Q3. We are also pleased that customer demand remains strong, as orders in the third quarter were up from the prior quarter,” said CEO Prady Iyyanki.

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