Welcome to our dedicated page for Forum Energy Technologies news (Ticker: FET), a resource for investors and traders seeking the latest updates and insights on Forum Energy Technologies stock.
Forum Energy Technologies, Inc. reports business developments for a global manufacturer serving the oil, natural gas, defense, and renewable energy industries. The company supplies engineered capital equipment and consumable products used in drilling, well construction, production, subsea, coiled tubing, wireline, stimulation, artificial lift, and oil and natural gas processing markets.
FET news commonly covers quarterly results, segment revenue, adjusted EBITDA, order activity, book-to-bill trends, cash flow, guidance, and product demand across its Drilling and Completions and Artificial Lift and Downhole segments. Updates also include credit facility amendments, share repurchase activity, investor conference presentations, and management commentary on manufacturing utilization, cost initiatives, and market demand.
Forum Energy Technologies, Inc. (NYSE: FET) announced an amendment to its asset-based revolving credit facility, extending the maturity date to September 2026. The facility size decreased from $250 million to $179 million, with interest rates adjusted to LIBOR plus a margin of 2.25% to 2.75%. As of August 30, 2021, there were no borrowings outstanding, providing approximately $124 million of total availability. This amendment gives FET flexibility for funding future growth.
Forum Energy Technologies, Inc. (NYSE: FET) reported Q2 2021 revenue of $137 million, a $23 million increase from Q1 2021. The net loss narrowed to $22 million or $3.87 per share, improved from a $30 million loss in Q1. Adjusted EBITDA rose to $7 million, up $5 million sequentially. The company experienced a book-to-bill ratio of 1.16, indicating strong future order potential. Forecasts for Q3 2021 project revenue between $145 million and $155 million.
Forum Energy Technologies (NYSE: FET) is set to host its second quarter 2021 earnings conference call on August 6, 2021, at 10:00 AM CDT. A press release detailing its earnings will be issued before the call. Participants can join via phone or through the Investor Relations link on the company’s website. A replay will be available for two weeks post-call. FET provides solutions for the oil, natural gas, and renewable energy sectors, aiming to enhance safety and efficiency in energy production.
Forum Energy Technologies (NYSE: FET) announced the appointment of Dr. Emily Reichert to its Board of Directors, increasing the board size to eight. Dr. Reichert, CEO of Greentown Labs, brings extensive experience in clean technology, aiming to bolster FET's focus on sustainable energy solutions. Under her guidance, FET aims to leverage the global energy transition to enhance its strategic market presence, with nearly 10% of its revenue currently derived from non-oil and gas products. FET is committed to expanding its offerings in clean energy technologies.
Forum Energy Technologies (NYSE: FET) reported Q1 2021 revenue of $115 million, up $2 million from Q4 2020. Net loss narrowed to $30 million ($5.28/share), compared to $33 million ($5.85/share) in Q4. Excluding special items, adjusted net loss was $3.95/share, improved from $4.80/share in Q4. Adjusted EBITDA was $2 million, a $5 million increase sequentially. Segment performance varied; Completions segment revenue surged 24%, while Production segment revenue fell 14%. The company anticipates Q2 revenue between $125-$135 million based on a favorable order flow.
Forum Energy Technologies (NYSE: FET) will hold its first quarter 2021 earnings conference call on May 7, 2021, at 10:00 AM CDT. A press release detailing the earnings will precede the call. Interested participants can join by calling 855-757-8876 (North America) or 631-485-4851 (international), using access code 1008319. The call will also be available via the Investor Relations section on Forum's website. A replay will be accessible for two weeks post-call. Forum Energy Technologies focuses on providing solutions for the oil, gas, industrial, and renewable energy sectors.
Forum Energy Technologies (NYSE: FET) reported Q4 2020 revenue of $113 million, a $9 million increase from Q3. Orders rose by $32 million to $124 million, showcasing a 34% increase. However, the company faced a net loss of $33 million, or $5.85 per diluted share, worsening from a $22 million loss in Q3. Special items contributed to financial fluctuations, including an $88 million gain from asset sales offset by $86 million in asset impairments. Despite these challenges, liquidity improved with $240 million available and net debt reduced to $201 million, positioning the company for future growth.
Forum Energy Technologies (FET) will host its fourth quarter and full year 2020 earnings conference call on February 24, 2021, at 10:00 AM CST. A press release detailing the earnings will precede the call. Interested participants can join by calling 855-757-8876 in North America or 631-485-4851 internationally, using access code 1286195. The call will also be available for streaming on Forum's Investor Relations website. A replay will be accessible for two weeks post-call. Forum Energy Technologies is a global provider of oilfield products for the drilling and production sectors.
Forum Energy Technologies (NYSE: FET) announced the completion of its asset sale of ABZ and Quadrant valve brands to Anvil and Smith-Cooper International for $105 million in cash on December 31, 2020. This transaction enhances Forum's liquidity and reduces net debt by over one-third. In 2020, the sold product lines contributed approximately $42 million in revenues and $12 million in EBITDA. The sale allows Forum to focus on drilling activity, with the U.S. rig count increasing by over 40% since August 2020, while maintaining a strong cash position and undrawn credit facilities.
Forum Energy Technologies reported third quarter 2020 revenue of $104 million, down $10 million from the previous quarter. The net loss for the quarter was $22 million or $0.19 per diluted share, compared to a net loss of $5 million in Q2 2020. Orders increased by 8% sequentially to $92 million, with gains driven by short-cycle completion products. Adjusted EBITDA improved by $2 million to negative $10 million. The company anticipates a recovery in orders and revenue in line with increasing U.S. drilling activity in Q4 2020.