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 (NYSE: FET) reported full-year 2024 revenue of $816 million, marking a 10% year-over-year increase, with orders reaching $780 million and a book-to-bill ratio of 96%. The company posted a net loss of $135 million for 2024, while achieving adjusted EBITDA of $100 million, up 49% from 2023.
Fourth quarter 2024 results showed revenue of $201 million and orders of $190 million. The quarter's net loss of $104 million included a non-cash intangible asset impairment of $119 million. The company generated strong operating cash flow of $92 million and free cash flow of $105 million for the year.
FET implemented a shareholder return program with $2 million in share repurchases in January 2025 and announced 2025 adjusted EBITDA guidance of $85-105 million. The company expects global drilling and completion activity to decline 2-5% in 2025 but aims to offset this through market share gains.
Forum Energy Technologies (NYSE: FET) announced that C. Christopher Gaut will retire from the FET Board of Directors at the end of his term, not seeking re-election at the 2025 annual meeting. Gaut's journey with FET began in 2006 as a director of Forum Oilfield Technologies. After retiring as CFO of Halliburton in 2010, he developed the strategy that led to FET's creation and guided the company through its 2012 IPO as CEO and Board Chairman.
Michael McShane, FET's Lead Independent Director, acknowledged Gaut's important role in founding FET and his leadership through various industry cycles. Notably, Gaut continued serving on the Board after stepping down as CEO in 2022 to ensure a smooth leadership transition.
Forum Energy Technologies (NYSE: FET) has scheduled its fourth quarter and full year 2024 earnings conference call for Friday, February 21, 2025, at 10:00 a.m. Central Time. The company will release its earnings report before the conference call.
The call will be accessible through a webcast on FET's Investor Relations website. Participants wanting to ask questions during the call need to register through the company's IR website to receive dial-in numbers and a unique PIN. A replay of the call will be available on the same website starting at approximately 5:00 p.m. Central Time on February 21, 2025.
FET operates globally in the oil, natural gas, industrial, and renewable energy sectors, providing solutions to enhance energy exploration and production safety and efficiency. The company maintains manufacturing, distribution, and service facilities worldwide.
Forum Energy Technologies (NYSE: FET) announced that board member Leslie A. Beyer has been nominated to serve as Assistant Secretary for Land and Minerals Management in the U.S. Department of Interior (DOI). Upon Senate confirmation, Beyer would oversee key DOI agencies including the Bureau of Land Management, Office of Surface Mining Reclamation and Enforcement, Bureau of Ocean Energy Management, and Bureau of Safety and Environmental Enforcement.
Beyer, who joined FET's Board in December 2023, serves on the company's Nominating, Governance & Sustainability Committee and the Compensation and Human Capital Committee. FET's President and CEO Neal A. Lux praised Beyer's leadership abilities and industry commitment, noting her experience in addressing key energy issues.
Forum Energy Technologies (NYSE: FET) has announced its participation in the upcoming Sidoti Virtual Micro Cap Conference. President and CEO Neal Lux, along with Executive VP and CFO Lyle Williams, will present on Wednesday, January 22, 2025, at 11:30 a.m. Eastern Time.
The presentation will be accessible via live webcast, with presentation slides available on FET's Investor Relations webpage. The company will also conduct virtual one-on-one investor meetings on January 22-23, 2025.
FET operates globally in the oil, natural gas, industrial, and renewable energy sectors, providing solutions to enhance energy exploration and production safety and efficiency. The company maintains manufacturing, distribution, and service facilities worldwide, with headquarters in Houston, TX.
Forum Energy Technologies (NYSE: FET) has announced a $75 million share repurchase program authorized by its Board of Directors. The program's execution is subject to a Leverage Ratio requirement of 1.5x and will not commence until this threshold is met. Share repurchases are to 50% of FET's annual Adjusted Net Cash Flow to Equity.
Additionally, FET completed sale-leaseback transactions of two Texas manufacturing facilities, generating net proceeds of $20 million. The company will maintain operations at these facilities through long-term lease agreements.
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 (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.