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) 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 (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.