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Forum Energy Technologies Sees Q2 Revenue More Than Halves

5:45PM ET 7/13/2020 MT Newswires
Forum Energy Technologies (FET) said after markets closed on Monday that it now projects preliminary Q2 revenue in the range of $110 million to $115 million. That compares with $245.6 million reported for the year-earlier period. Analysts surveyed by Capital IQ had projected $110 million.

The company said in a statement that Q2 revenue was impacted by the "unprecedented decrease in US drilling and completion activity levels, as evidenced by the roughly 67% decline" in the US drilling rig count from the Q1 average to current levels.

Forum Energy said it expects the sharp decreases in revenue to have a significant impact on its financial results, including net income, and operating income.

Forum's Q2 full report will be released at the beginning of next month.

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