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Operator  Good day, ladies and gentlemen, and welcome to the Q3 Forum Energy Technologies Earnings Conference Call. Operator Instructions As a reminder, this call is being recorded.
Traylor, Forum Energy Technologies, Inc. We issued our earnings release last night and it is available on our website. The statements made during this conference call, including the answers to your questions, may include forward-looking statements.
These statements involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements.
Those risks include, among other things, matters we have described in our earnings release and in our filings with the Securities and Exchange Commission. We do not undertake any ongoing obligation, other than that imposed by law, to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after this call.
In addition, this conference call contains time-sensitive information that reflects management's best judgment only as of the date of the live call.
Management's statements may include non-GAAP financial measures. For a reconciliation of these measures, refer to our earnings release. This call is being recorded.
A replay of the call will be available on our website for 2 weeks following the call. I want to start my comments this morning with an overview of our third quarter results and provide our assessment of current and long-term market conditions.
Pablo will then share details on our financial performance and liquidity position, and Lyle will discuss a few of our operating initiatives. Story Continues Forum was on a strong growth trajectory until the third quarter when we were negatively impacted by the slowdown in U. Some of the highlights for the third quarter are as follows.
We grew our artificiallift product orders and revenue in the quarter. We have created a full artificiallift protection solution including our Multilift SandGuard, Cannon cable protectors and ESPCT products, which are attracting new customers and generating several cross-selling opportunities.
These products are also gaining momentum outside North America. Consistent with our strategy to expand the Completion segment, we acquired Global Heat Transfer subsequent to the quarter.
We are really excited about the strategic fit of this acquisition. GHT's flagship product, the Jumbotron, is an innovative cube-style radiator that substantially reduces customer maintenance expense. GHT's radiator is a differentiated product solution due to its Smart monitoring, innovative heat exchange filter, and cube configuration which results in an expedited maintenance process.
This product is complementary to our existing portfolio of hydraulic fracturing equipment and has a maintenance schedule that is similar to our power ends.
The ability to obtain simultaneous maintenance on these products at one facility should reduce downtime significantly for our customers, and expand our after-market revenue.
Being part of Forum will also allow the GHT team to expand its sales beyond pressurepumping market, as we see significant opportunities with the drilling customers and in other industries. Now with respect to a long-term outlook, Forum's balanced portfolio of consumables and capital equipment, serving global markets across the well cycle positions us nicely to benefit from the long-term industry recovery.
Looking ahead, we are making progress with each of our growth drivers and will have impact in These growth drivers are the international and offshore recovery, Completions' service intensity, the global midstream and downstream build-out, new product development and market share gains.
Although our favorable growth drivers remain intact, we are experiencing near-term headwinds from the slowdown in U. We are taking actions to minimize the impact of the transitory slowdown in U. Lyle will address our response to reduce the impact of these near-term headwinds in his remarks.
Now let me ask Pablo to take you through our results and financial position.
Mercado, Forum Energy Technologies, Inc. The decrease was primarily due to the large subsea capital equipment order received last quarter and to a lesser extent a slowdown in U.
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