Forum Energy Profit Falls, Cuts FY Outlook - Quick Facts

(RTTNews) - Forum Energy Technologies Inc. (FET) Thursday reported second-quarter net income to common stock of $30 million or $0.32 per share, compared with $44 million or $0.49 per share last year.

Results for the recent quarter included charges of $0.02 per share for transaction expenses and foreign exchange losses.

Revenues for the quarter were $368 million, compared with $374 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.49 per share on revenues of $380.89 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the third quarter, the company expects earnings of $0.40 to $0.45 per share, while analysts expect $0.46 per share.

For the full year 2013, the company cut its earnings outlook to a range of $1.55 to $1.65 per share from prior range of $1.70 to $1.80 per share. Analysts currently expect earnings of $1.67 per share.

Houston, Texas-based Forum Energy Technologies provides manufactured technologies and applied products to the energy industry.