Forum Energy Technologies Inc Stock Price, News & Analysis

Forum Energy Technologies (NYSE:FET) has announced its participation in the upcoming Virtual Investor Summit Microcap Event on November 21st. The company, which manufactures equipment for oil, natural gas, industrial, and renewable energy sectors, will deliver a presentation from 11:30 AM to 12:00 PM ET.

The event will showcase 40 micro-cap companies with catalysts and strong market performance. FET will be available for one-on-one meetings throughout the day. The presentation will feature live Q&A sessions and is complimentary for qualified investors, with access available through the provided webcast link.

Forum Energy Technologies (NYSE: FET) has successfully closed a $100 million senior secured bond offering with a 10.5% interest rate, maturing in November 2029. The bonds were issued at par, and the proceeds, along with cash on hand, were used to repay borrowings from the Variperm Energy Services acquisition and to fully redeem outstanding 9.000% Convertible Senior Secured Notes due 2025. CEO Neal Lux highlighted that this offering strengthens the company's balance sheet and provides flexibility for strategic investments, including M&A and share repurchases, while maintaining focus on reducing net debt and conservative leverage.

Forum Energy Technologies (NYSE: FET) reported Q3 2024 financial results with revenue of $207.8M, adjusted EBITDA of $25.8M, and adjusted net income of ($2.3M). The company's performance was largely in-line with market expectations, with revenues slightly below consensus estimates of $214.5M. Gross profit margins exceeded expectations, leading to stronger operating profits. The quarter saw positive developments including completed debt refinancing, a 9.0% increase in artificial lift and equipment segment orders, and a 5.6% quarter-over-quarter revenue growth in the Drilling and Completions segment to $123.6M.

Forum Energy Technologies (FET) reported Q3 2024 revenue of $208 million, up 16% year-over-year, with orders of $206 million and a book-to-bill ratio of 99%. The company posted a net loss of $15 million ($1.20 per share) and adjusted EBITDA of $26 million, up 55% year-over-year. FET generated free cash flow of $25 million and raised its 2024 full-year free cash flow guidance to $60-70 million. The company announced a $100 million Senior Secured Bonds offering at 10.5% to retire existing debt. Q4 2024 guidance projects revenue of $190-210 million and adjusted EBITDA of $22-26 million.

Forum Energy Technologies (NYSE: FET) has announced the pricing of a $100 million senior secured bond offering with a 10.5% interest rate, maturing in November 2029. The bonds will be issued at par, with closing expected on November 7, 2024. FET plans to use the proceeds, along with cash on hand, to fully redeem its outstanding 9.000% Convertible Senior Secured Notes due 2025 and repay the Seller Term Loan from the Variperm Energy Services acquisition. The securities will be offered through private placement to U.S. investors and non-U.S. persons under Regulation S.

Forum Energy Technologies (NYSE: FET) has released preliminary financial results for Q3 2024. Revenue is estimated at $208 million, up from $205 million in Q2. Bookings increased to approximately $205 million from $180 million. Adjusted EBITDA remained stable at $26 million. Free Cash Flow (before acquisitions) improved to $24 million from $21 million.

These preliminary results fall within FET's previously announced guidance ranges. The company, headquartered in Houston, Texas, serves the oil, natural gas, industrial, and renewable energy industries globally, focusing on improving safety, efficiency, and environmental impact for its customers.

FET notes that these figures are estimates and may vary from final results pending completion of financial closing procedures and final adjustments.

Forum Energy Technologies (NYSE: FET) has announced a private offering of $100 million in 5-year senior secured bonds. The company plans to use the proceeds, along with cash on hand, to redeem all outstanding 9.000% Convertible Senior Secured Notes due 2025 and repay borrowings from the seller term loan related to the Variperm Energy Services acquisition.

The offering will be made only to non-U.S. persons outside the United States under Regulation S of the Securities Act. The bonds have not been registered under the Securities Act or state securities laws, limiting their sale in the U.S. This announcement does not constitute a redemption notice for the 2025 Notes or a repayment notice for the Seller Term Loan.

Forum Energy Technologies (NYSE: FET) has announced its participation in a fireside chat with Water Tower Research on October 9, 2024, at 10:00 a.m. Central Time. The event will feature Neal Lux, President and CEO, and Lyle Williams, Executive VP and CFO. This open-access event is available for registration through a provided link, and a live webcast will be accessible on FET's Investor Relations web page.

FET is a global company serving the oil, natural gas, industrial, and renewable energy industries. It provides solutions to enhance the safety and efficiency of energy exploration and production. The company emphasizes its commitment to environmental and social responsibility, with its headquarters in Houston, TX, and facilities strategically located worldwide.

Forum Energy Technologies (NYSE: FET) has announced its third quarter 2024 earnings conference call, scheduled for Friday, November 1, 2024, at 10:00 a.m. Central Time. The company will release its Q3 2024 earnings report before the call. Investors can access the webcast through FET's Investor Relations website. To participate and ask questions, registration is required to receive dial-in numbers and a unique PIN.

A replay of the call will be available on the Investor Relations website from approximately 5:00 p.m. Central Time on November 1, 2024. FET is a global company serving the oil, natural gas, industrial, and renewable energy industries, providing solutions to enhance safety and efficiency in energy exploration and production.