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.
Stonegate Capital Partners updated their coverage on Forum Energy Technologies, Inc. (NYSE: FET) highlighting significant year-over-year free cash flow growth attributed to the Variperm acquisition, drilling and completions EBITDA margin expansion by 86 basis points, and a 33.9% year-over-year increase in artificial lift and equipment revenue.
Forum Energy Technologies, Inc. (NYSE: FET) announced its first quarter 2024 results, showcasing a revenue of $202 million with a 9% sequential increase. The company reported orders of $204 million, a book-to-bill ratio of 101%, and a net loss of $10 million with a diluted EPS of $0.85. Adjusted EBITDA saw a significant 69% sequential increase, reaching $26 million. FET reaffirmed its full-year 2024 guidance, projecting $100 to $120 million in EBITDA and $40 to $60 million in free cash flow.
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