Forum Energy Technologies Inc. (FET) Thursday reported first-quarter net income of $32 million or $0.34 per share, a decline from $42.5 million or $0.57 per share last year. Results for the reporting quarter reflect a higher share count.
Forum provides manufactured technologies and applied products to the energy industry.
The Texas-based company posted quarterly revenues of $373 million, compared to $363 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $349.60 million for the quarter. Analysts' estimates typically exclude special items.
For the second quarter, Forum expects earnings of $0.35 to $0.40 per share, while analysts currently expect $0.42 per share.
For fiscal year 2013, the company now expects earnings of $1.70 to $1.80 per share, down from prior guidance of $1.80 to $1.90 per share.
Analysts currently expect earnings of $1.83 per share for the year.
Forum noted that the Drilling Technologies product line continues to face demand softness due to the depressed North America land drilling market. The company also sees pricing pressure for certain products within Drilling Technologies and Flow Equipment.
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