HOUSTON (AP) -- Shares of Forum Energy Technologies dropped more than 8 percent Thursday, a day after the company cut its full-year earnings forecast due to lower-than-expected fourth-quarter customer spending, equipment delivery deferrals and various costs.
The company, which provides manufactured technologies and applied products to the energy sector, now anticipates full-year earnings between $1.72 and $1.74 per share. Its prior outlook was for earnings in a range of $1.83 to $1.88 per share.
Analysts polled by FactSet expect full-year earnings of $1.86 per share.
Forum Energy Technologies Inc.'s stock fell $2.14, or 8.1 percent, to $24.44 in morning trading. Its stock has traded between $18.60 and $26.83 since going public in April.
Forum Energy said customers spent significantly less on capital equipment and consumable products in the fourth quarter, particularly in its drilling product line. Customers also deferred deliveries of higher-margin capital equipment orders.
In addition, the Houston company is dealing with acquisition-related expenses, manufacturing costs, severance and weather-related issues.
CEO Cris Gaut said in a statement that Forum Energy was disappointed with its fourth-quarter performance but that it feels that the lower customer demand experienced and reduced profit margins are temporary and mostly related to problems specific to the quarter.
Forum Energy plans to report its fourth-quarter financial results Feb. 15.