Forum Energy Technologies Inc Stock Price, News & Analysis

Forum Energy Technologies, Inc. (NYSE: FET) announced its first quarter 2023 earnings conference call scheduled for 10:00 a.m. Central Time on May 5, 2023. A press release detailing the earnings will be issued before the call. The conference call will be available via webcast on FET’s Investor Relations website.

Participants wishing to ask questions must register on the website or click here for dial-in information. A replay of the call will be accessible after 5:00 p.m. Central Time on the same day. FET operates globally, serving the energy sector with a focus on safety and efficiency, emphasizing its commitment to environmental and social responsibility.

Forum Energy Technologies (NYSE: FET) has secured a contract worth approximately $25 million to design and supply four electrostatic desalter systems for a project at the Safaniyah oil field in Saudi Arabia. This initiative will utilize FET's cutting-edge EDGE^TM desalting technology and ForuMix^TM high-efficiency multiphase mixer technology, backed by in-house manufacturing capabilities in Dammam, Saudi Arabia. CEO Neal Lux highlighted that this contract underscores FET's technological expertise and global collaboration, especially with Saudi Aramco.

Forum Energy Technologies, Inc. (NYSE: FET) reported a 29% year-over-year revenue increase for 2022, totaling $700 million. The fourth quarter revenue was $191 million, with net loss of $13 million. Orders reached $215 million in Q4, achieving a book-to-bill ratio of 113%. Despite elevated project costs affecting profitability, adjusted EBITDA for the year was $59 million, a 194% increase. The company anticipates 2023 adjusted EBITDA between $80 - $100 million and expects growth driven by global commodity demand.

Forum Energy Technologies, Inc. (NYSE: FET) will host its fourth quarter and full year 2022 earnings conference call on February 21, 2023, at 10:00 a.m. CST. A press release detailing earnings will precede the call. Participants can register through the Investor Relations page or directly here. A replay will be available post-call from 5:00 p.m. CST on the same day.

Forum Energy Technologies (FET) announced the mandatory conversion of approximately $123 million (48%) of its Convertible Senior Secured Notes into 4.5 million shares of common stock. This conversion will reduce annual interest payments by over $11 million, improving FET's financial position. Following this transaction, FET's net debt is projected to be around $93 million as of September 30, 2022, with an adjusted EBITDA of $17.8 million. The company aims to enhance cash flow and capture market share in the energy sector.

Forum Energy Technologies, Inc. (NYSE: FET) announced the sale of four manufacturing and distribution centers in Texas and Louisiana, generating approximately $32 million in net proceeds. The company will enter a long-term lease for these properties, which remain vital to its operations. This sale is projected to facilitate a net debt reduction of $60 to $70 million since June 30, 2022, enhancing the company's balance sheet and funding growth opportunities.

Forum Energy Technologies (NYSE: FET) reported third quarter 2022 revenue of $182 million, reflecting a 6% sequential increase. The company achieved net income of $16.5 million, or $1.82 per diluted share, up from $9.3 million in Q2 2022. Adjusted EBITDA rose to $17.8 million, a 15% increase, while Free Cash Flow reached $17.3 million. FET confirms full-year 2022 Adjusted EBITDA guidance at $50 to $60 million. The strong demand in its markets is expected to drive further revenue growth and margin expansion.