Average oil prices declined approximately 50% from the prior year period, leading to significant reductions in revenue across the product lines. The continued downward trend in spending on drilling, completion, and subsea activity, as exemplified by the 54% drop in the North American land rig count, impacted our third quarter results.
Drilling & Subsea segment revenue in the third quarter 2015 was
Production & Infrastructure segment revenue in the third quarter 2015
was
Review and Outlook
The unexpected 20% sequential decline in average oil prices from the
second quarter negatively impacted our customers' spending levels,
resulting in a 14% decrease in revenue sequentially. EBITDA for the
quarter, excluding non-operational items, was
"New orders received by Forum in the third quarter were
"The fourth quarter is shaping up to be a challenge. Many E&P operators
have exhausted their budgets and we expect our customers to slow their
activity following
Recent Events
Forum signed a contract during the third quarter for more than
Conference Call Information
Forum's conference call is scheduled for
Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company's products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the company
based on management's experience and perception of historical trends,
current conditions, anticipated future developments and other factors
believed to be appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Among other things, these include the volatility of oil and
natural gas prices, oilfield development activity levels, the
availability of raw materials and specialized equipment, the company's
ability to deliver backlog in a timely fashion, the availability of
skilled and qualified labor, competition in the oil and gas industry,
governmental regulation and taxation of the oil and natural gas
industry, the company's ability to implement new technologies and
services, the availability and terms of capital, and uncertainties
regarding environmental regulations or litigation and other legal or
regulatory developments affecting the company's business, and other
important factors that could cause actual results to differ materially
from those projected as described in the company's filings with the
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
1 Foreign exchange gain primarily relates to receivables billed in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the gain has no economic impact in dollar terms.
Forum Energy Technologies, Inc. | ||||||||||||
Condensed consolidated statements of income | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended | ||||||||||||
September 30, | June 30, | |||||||||||
(in millions, except per share information) | 2015 | 2014 | 2015 | |||||||||
Revenue | $ | 245.0 | $ | 468.8 | $ | 284.4 | ||||||
Total operating expenses | 236.7 | 399.5 | 265.8 | |||||||||
Earnings from equity investment | 3.9 | 6.7 | 3.8 | |||||||||
Operating income | 12.2 | 76.0 | 22.4 | |||||||||
Other expense (income) | ||||||||||||
Interest expense | 7.4 | 7.7 | 7.6 | |||||||||
Loss (gain) on foreign exchange and other, net | (2.9 | ) | (5.2 | ) | 4.0 | |||||||
Profit before income taxes | 7.7 | 73.5 | 10.8 | |||||||||
Provision for income tax expense | 1.0 | 21.3 | 1.9 | |||||||||
Net income | 6.7 | 52.2 | 8.9 | |||||||||
Less: Net income attributable to noncontrolling interest |
- |
- |
- |
|||||||||
Net income attributable to common stockholders (1) | $ | 6.7 | $ | 52.2 | $ | 8.9 | ||||||
Weighted average shares outstanding | ||||||||||||
Basic | 90.1 | 93.3 | 89.8 | |||||||||
Diluted | 91.7 | 96.2 | 91.9 | |||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.07 | $ | 0.56 | $ | 0.10 | ||||||
Diluted | $ | 0.07 | $ | 0.54 | $ | 0.10 | ||||||
(1) Refer to Table 1 for schedule of adjusting items. |
Forum Energy Technologies, Inc. | |||||||||
Condensed consolidated statements of income | |||||||||
(Unaudited) | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
(in millions, except per share information) | 2015 | 2014 | |||||||
Revenue | $ | 877.5 | $ | 1,301.0 | |||||
Total operating expenses | 815.0 | 1,115.8 | |||||||
Earnings from equity investment | 12.3 | 18.0 | |||||||
Operating income | 74.8 | 203.2 | |||||||
Other expense (income) | |||||||||
Interest expense | 22.6 | 23.2 | |||||||
Loss (gain) on foreign exchange and other, net | (5.6 | ) | (0.7 | ) | |||||
Profit before income taxes | 57.8 | 180.7 | |||||||
Provision for income tax expense | 13.5 | 52.4 | |||||||
Net income | 44.3 | 128.3 | |||||||
Less: Net income attributable to noncontrolling interest |
- |
- |
|||||||
Net income attributable to common stockholders (1) | $ | 44.3 | $ | 128.3 | |||||
Weighted average shares outstanding | |||||||||
Basic | 89.8 | 92.7 | |||||||
Diluted | 91.6 | 95.6 | |||||||
Earnings per share | |||||||||
Basic | $ | 0.49 | $ | 1.38 | |||||
Diluted | $ | 0.48 | $ | 1.34 | |||||
(1) Refer to Table 2 for schedule of adjusting items. |
Forum Energy Technologies, Inc. | ||||||||
Condensed consolidated balance sheets | ||||||||
(Unaudited) | ||||||||
(in millions of dollars) |
September 30, |
December 31, 2014 |
||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 76.2 | $ | 76.6 | ||||
Accounts receivable—trade, net | 157.6 | 287.0 | ||||||
Inventories, net | 504.8 | 461.5 | ||||||
Other current assets | 78.2 | 70.0 | ||||||
Total current assets | 816.8 | 895.1 | ||||||
Property and equipment, net of accumulated depreciation | 196.8 | 190.0 | ||||||
Goodwill and other intangibles, net | 1,056.7 | 1,070.2 | ||||||
Investment in unconsolidated subsidiary | 56.4 | 49.7 | ||||||
Other long-term assets | 14.7 | 16.6 | ||||||
Total assets | $ | 2,141.4 | $ | 2,221.6 | ||||
Liabilities and Equity | ||||||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 0.3 | $ | 0.8 | ||||
Other current liabilities | 190.0 | 281.4 | ||||||
Total current liabilities | 190.3 | 282.2 | ||||||
Long-term debt, net of current portion | 402.6 | 428.0 | ||||||
Other long-term liabilities | 117.6 | 115.4 | ||||||
Total liabilities | 710.5 | 825.6 | ||||||
Total stockholders’ equity | 1,430.5 | 1,395.4 | ||||||
Noncontrolling interest in subsidiary | 0.4 | 0.6 | ||||||
Total equity | 1,430.9 | 1,396.0 | ||||||
Total liabilities and equity | $ | 2,141.4 | $ | 2,221.6 |
Forum Energy Technologies, Inc. | |||||||||
Condensed consolidated cash flow information | |||||||||
(Unaudited) | |||||||||
Nine months ended September 30, | |||||||||
(in millions of dollars) | 2015 | 2014 | |||||||
Cash flows from operating activities | |||||||||
Net income | $ | 44.3 | $ | 128.3 | |||||
Depreciation and amortization | 49.3 | 48.9 | |||||||
Other, primarily working capital | 24.1 | 2.6 | |||||||
Net cash provided by operating activities | $ | 117.7 | $ | 179.8 | |||||
Cash flows from investing activities | |||||||||
Capital expenditures for property and equipment | $ | (28.1 | ) | $ | (39.9 | ) | |||
Proceeds from sale of business, property and equipment and other | 1.7 | 8.7 | |||||||
Acquisition of businesses, net of cash acquired | (60.8 | ) | (38.3 | ) | |||||
Net cash used in investing activities | $ | (87.2 | ) | $ | (69.5 | ) | |||
Cash flows from financing activities | |||||||||
Borrowings of long-term debt, including borrowings due to acquisitions | $ | 79.9 | $ |
- |
|||||
Repayment of long-term debt | (106.0 | ) | (91.8 | ) | |||||
Other | (1.4 | ) | 16.3 | ||||||
Net cash provided by (used in) financing activities | $ | (27.5 | ) | $ | (75.5 | ) | |||
Effect of exchange rate changes on cash | (3.4 | ) | (0.3 | ) | |||||
Net decrease in cash and cash equivalents | $ | (0.4 | ) | $ | 34.5 |
Forum Energy Technologies, Inc. | |||||||||||||||||||||||||
Supplemental schedule - Segment information | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
As Reported | As Adjusted (5) | ||||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||||
(in millions of dollars) |
September 30, |
September 30, |
June 30, |
September 30, 2015 |
September 30, 2014 |
June 30, 2015 |
|||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Drilling & Subsea | $ | 139.1 | $ | 307.4 | $ | 169.7 | $ | 139.1 | $ | 307.4 | $ | 169.7 | |||||||||||||
Production & Infrastructure | 106.2 | 161.7 | 114.9 | 106.2 | 161.7 | 114.9 | |||||||||||||||||||
Eliminations | (0.3 | ) | (0.3 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | (0.2 | ) | |||||||||||||
Total revenue | $ | 245.0 | $ | 468.8 | $ | 284.4 | $ | 245.0 | $ | 468.8 | $ | 284.4 | |||||||||||||
Operating income | |||||||||||||||||||||||||
Drilling & Subsea | $ | 6.7 | $ | 57.9 | $ | 15.4 | $ | 8.7 | $ | 57.9 | $ | 18.1 | |||||||||||||
Operating income margin % | 4.8 | % | 18.8 | % | 9.1 | % | 6.3 | % | 18.8 | % | 10.7 | % | |||||||||||||
Production & Infrastructure (1) | 10.7 | 29.8 | 15.2 | 10.9 | 29.8 | 14.2 | |||||||||||||||||||
Operating income margin % | 10.1 | % | 18.4 | % | 13.2 | % | 10.3 | % | 18.4 | % | 12.4 | % | |||||||||||||
Corporate | (5.0 | ) | (10.2 | ) | (8.1 | ) | (5.0 | ) | (10.2 | ) | (7.8 | ) | |||||||||||||
Total Segment operating income | 12.4 | 77.5 | 22.5 | 14.6 | 77.5 | 24.5 | |||||||||||||||||||
Other items not in segment operating income (2) | (0.2 | ) | (1.5 | ) | (0.1 | ) |
- |
- |
- |
||||||||||||||||
Total operating income | $ | 12.2 | $ | 76.0 | $ | 22.4 | $ | 14.6 | $ | 77.5 | $ | 24.5 | |||||||||||||
Operating income margin % | 5.0 | % | 16.2 | % | 7.9 | % | 6.0 | % | 16.5 | % | 8.6 | % | |||||||||||||
EBITDA (3) | |||||||||||||||||||||||||
Drilling & Subsea | $ | 20.6 | $ | 74.6 | $ | 22.4 | $ | 19.8 | $ | 70.0 | $ | 29.4 | |||||||||||||
Percentage of D&S revenue % | 14.8 | % | 24.3 | % | 13.2 | % | 14.2 | % | 22.8 | % | 17.3 | % | |||||||||||||
Production & Infrastructure | 14.5 | 32.8 | 18.9 | 14.9 | 32.9 | 18.0 | |||||||||||||||||||
Percentage of P&I revenue % | 13.7 | % | 20.3 | % | 16.4 | % | 14.0 | % | 20.3 | % | 15.7 | % | |||||||||||||
Corporate | (3.2 | ) | (8.1 | ) | (6.5 | ) | (3.4 | ) | (8.1 | ) | (6.3 | ) | |||||||||||||
Other items (4) | (0.2 | ) | (1.5 | ) |
- |
- |
- |
- |
|||||||||||||||||
Total EBITDA | $ | 31.7 | $ | 97.8 | $ | 34.8 | $ | 31.3 | $ | 94.8 | $ | 41.1 | |||||||||||||
Percentage of total revenue % | 12.9 | % | 20.9 | % | 12.2 | % | 12.8 | % | 20.2 | % | 14.5 | % | |||||||||||||
(1) Includes earnings from equity investment. | |||||||||||||||||||||||||
(2) Includes transaction expenses and gain/(loss) on sale of assets. | |||||||||||||||||||||||||
(3) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | |||||||||||||||||||||||||
(4) Includes transaction expenses. | |||||||||||||||||||||||||
(5) Refer to Table 1 for schedule of adjusting items. |
Forum Energy Technologies, Inc. | |||||||||||||||||
Supplemental schedule - Segment information | |||||||||||||||||
(Unaudited) | |||||||||||||||||
As Reported | As Adjusted (5) | ||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||
(in millions of dollars) |
September 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
|||||||||||||
Revenue | |||||||||||||||||
Drilling & Subsea | $ | 523.9 | $ | 848.4 | $ | 523.9 | $ | 848.4 | |||||||||
Production & Infrastructure | 354.3 | 453.7 | 354.3 | 453.7 | |||||||||||||
Eliminations | (0.7 | ) | (1.1 | ) | (0.7 | ) | (1.1 | ) | |||||||||
Total revenue | $ | 877.5 | $ | 1,301.0 | $ | 877.5 | $ | 1,301.0 | |||||||||
Operating income | |||||||||||||||||
Drilling & Subsea | $ | 51.3 | $ | 155.3 | $ | 60.5 | $ | 155.4 | |||||||||
Operating income margin % | 9.8 | % | 18.3 | % | 11.5 | % | 18.3 | % | |||||||||
Production & Infrastructure (1) | 45.1 | 80.3 | 44.7 | 80.6 | |||||||||||||
Operating income margin % | 12.7 | % | 17.7 | % | 12.6 | % | 17.8 | % | |||||||||
Corporate | (21.4 | ) | (29.6 | ) | (21.1 | ) | (29.4 | ) | |||||||||
Total Segment operating income | 75.0 | 206.0 | 84.1 | 206.6 | |||||||||||||
Other items not in segment operating income (2) | (0.2 | ) | (2.8 | ) | 0.3 | 0.4 | |||||||||||
Total operating income | $ | 74.8 | $ | 203.2 | $ | 84.4 | $ | 207.0 | |||||||||
Operating income margin % | 8.5 | % | 15.6 | % | 9.6 | % | 15.9 | % | |||||||||
EBITDA (3) | |||||||||||||||||
Drilling & Subsea | $ | 91.4 | $ | 192.2 | $ | 94.6 | $ | 191.2 | |||||||||
Percentage of D&S revenue % | 17.5 | % | 22.7 | % | 18.1 | % | 22.5 | % | |||||||||
Production & Infrastructure | 55.2 | 88.9 | 55.9 | 89.9 | |||||||||||||
Percentage of P&I revenue % | 15.6 | % | 19.6 | % | 15.8 | % | 19.8 | % | |||||||||
Corporate | (16.5 | ) | (25.3 | ) | (16.4 | ) | (25.2 | ) | |||||||||
Other items (4) | (0.4 | ) | (3.1 | ) |
- |
- |
|||||||||||
Total EBITDA | $ | 129.7 | $ | 252.7 | $ | 134.1 | $ | 255.9 | |||||||||
Percentage of total revenue % | 14.8 | % | 19.4 | % | 15.3 | % | 19.7 | % | |||||||||
(1) Includes earnings from equity investment. | |||||||||||||||||
(2) Includes transaction expenses, loss on sale of business and gain/(loss) on sale of assets. | |||||||||||||||||
(3) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | |||||||||||||||||
(4) Includes transaction expenses and loss on sale of business. | |||||||||||||||||
(5) Refer to Table 2 for schedule of adjusting items. |
Forum Energy Technologies, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Table 1 - Adjusting items | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2015 | September 30, 2014 | June 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share information) |
Operating |
EBITDA (1) |
Diluted |
Operating |
EBITDA (1) |
Diluted |
Operating |
EBITDA (1) |
Diluted |
|||||||||||||||||||||||||||||||||||||||||
As reported | $ | 12.2 | $ | 31.7 | $ | 0.07 | $ | 76.0 | $ | 97.8 | $ | 0.54 | $ | 22.4 | $ | 34.8 | $ | 0.10 | ||||||||||||||||||||||||||||||||
% of revenue | 5.0 | % | 12.9 | % | 16.2 | % | 20.9 | % | 7.9 | % | 12.2 | % | ||||||||||||||||||||||||||||||||||||||
Restructuring charges and other | 2.2 | 2.2 |
- |
- |
2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||
Transaction expenses | 0.2 | 0.2 | 1.5 | 1.5 |
- |
- |
||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on foreign exchange, net (2) |
- |
(2.8 | ) |
- |
(4.5 | ) |
- |
4.2 | ||||||||||||||||||||||||||||||||||||||||||
As adjusted (1) | $ | 14.6 | $ | 31.3 | $ | 0.07 | $ | 77.5 | $ | 94.8 | $ | 0.52 | $ | 24.5 | $ | 41.1 | $ | 0.16 | ||||||||||||||||||||||||||||||||
% of revenue | 6.0 | % | 12.8 | % | 16.5 | % | 20.2 | % | 8.6 | % | 14.5 | % | ||||||||||||||||||||||||||||||||||||||
Table 2 - Adjusting items | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share information) |
Operating |
EBITDA (1) | Diluted EPS |
Operating |
EBITDA (1) | Diluted EPS | ||||||||||||||||||||||||||||||||||||||||||||
As reported | $ | 74.8 | $ | 129.7 | $ | 0.48 | $ | 203.2 | $ | 252.7 | $ | 1.34 | ||||||||||||||||||||||||||||||||||||||
% of revenue | 8.5 | % | 14.8 | % | 15.6 | % | 19.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Restructuring charges and other | 9.2 | 9.2 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction expenses | 0.4 | 0.4 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of business |
- |
- |
0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on foreign exchange, net (2) |
- |
(5.2 | ) |
- |
(0.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||
As adjusted (1) | $ | 84.4 | $ | 134.1 | $ | 0.52 | $ | 207.0 | $ | 255.9 | $ | 1.36 | ||||||||||||||||||||||||||||||||||||||
% of revenue | 9.6 | % | 15.3 | % | 15.9 | % | 19.7 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating income and adjusted Diluted EPS is useful to the Company's investors because (i) EBITDA is an appropriate measure of evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions and (ii) each of adjusted EBITDA, adjusted operating income and adjusted Diluted EPS is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Foreign exchange, net primarily relates to receivables billed in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms. |
Forum Energy Technologies, Inc. | ||||||||||||||||
Reconciliation of GAAP to non-GAAP financial information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Table 3 - Adjusting Items | ||||||||||||||||
Three months ended | ||||||||||||||||
(in millions of dollars) |
September 30, |
September 30, 2014 |
June 30, 2015 |
|||||||||||||
EBITDA reconciliation (1) | ||||||||||||||||
Net income attributable to common stockholders | $ | 6.7 | $ | 52.2 | $ | 8.9 | ||||||||||
Interest expense | 7.4 | 7.7 | 7.6 | |||||||||||||
Depreciation and amortization | 16.6 | 16.6 | 16.4 | |||||||||||||
Income tax expense | 1.0 | 21.3 | 1.9 | |||||||||||||
EBITDA | $ | 31.7 | $ | 97.8 | $ | 34.8 | ||||||||||
Table 4 - Adjusting Items | ||||||||||||||||
Nine months ended | ||||||||||||||||
(in millions of dollars) |
September 30, 2015 |
September 30, 2014 |
||||||||||||||
EBITDA reconciliation (1) | ||||||||||||||||
Net income attributable to common stockholders | $ | 44.3 | $ | 128.3 | ||||||||||||
Interest expense | 22.6 | 23.2 | ||||||||||||||
Depreciation and amortization | 49.3 | 48.8 | ||||||||||||||
Income tax expense | 13.5 | 52.4 | ||||||||||||||
EBITDA | $ | 129.7 | $ | 252.7 | ||||||||||||
(1) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. | ||||||||||||||||
Table 5 - Adjusting items | ||||||||||||||||
Nine months ended | ||||||||||||||||
(in millions of dollars) |
September 30, 2015 |
September 30, 2014 |
||||||||||||||
Free cash flow, before acquisitions, reconciliation (2) | ||||||||||||||||
Net cash provided by operating activities | $ | 117.7 | $ | 179.8 | ||||||||||||
Capital expenditures for property and equipment | (28.1 | ) | (39.9 | ) | ||||||||||||
Proceeds from sale of property and equipment | 1.7 | 2.3 | ||||||||||||||
Free cash flow, before acquisitions | $ | 91.3 | $ | 142.2 | ||||||||||||
(2) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20151022006728/en/
Source:
Forum Energy Technologies, Inc.
Investor Contact
Mark
Traylor, 281.368.1108
Vice President, Investor Relations
mark.traylor@f-e-t.com
or
Media
Contact
Donna Smith, 281.949.2514
Director, Marketing &
Communications
donna.smith@f-e-t.com