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. (FET) is a global manufacturing company headquartered in Houston, Texas, serving the oil, natural gas, industrial and renewable energy industries. The FET news page on Stock Titan aggregates company press releases and market updates so readers can follow how Forum Energy Technologies communicates its strategy, operations and financial performance.
News about Forum Energy Technologies frequently covers quarterly earnings results, segment performance for Drilling and Completions and Artificial Lift and Downhole, and metrics such as book-to-bill ratio, backlog, free cash flow and adjusted EBITDA. These updates provide insight into demand trends for drilling, subsea, coiled tubing, wireline, stimulation, well construction, artificial lift and oil and natural gas processing products.
Investors and industry followers can also use this page to track announcements related to capital allocation, including debt reduction and share repurchases, as well as commentary on the company’s long-term FET 2030 growth plan. Management remarks in earnings releases and conference presentations outline how Forum Energy Technologies seeks to grow revenue and market share in key markets and utilize its global footprint.
In addition to financial results, the news feed includes items on corporate governance and strategic relationships, such as board appointments and collaborations in subsea and robotics technologies. Examples include agreements related to subsea electric manipulator systems and references to offshore defense orders within the company’s backlog. By reviewing these updates in one place, readers can monitor how Forum Energy Technologies positions itself across oil, gas, industrial and renewable energy markets and how its segment mix and order trends evolve over time.
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 EDGETM desalting technology and ForuMixTM 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.
Forum Energy Technologies, Inc. (NYSE: FET) has rescheduled its third quarter 2022 earnings conference call to 11:00 a.m. CST on November 9, 2022. A press release detailing the earnings will be issued before the call, which will be available for webcast on FET's Investor Relations website. Participants wishing to ask questions must register in advance to obtain dial-in details. The call replay will be accessible from 5:00 p.m. CST on the same day. FET specializes in providing solutions for the oil, gas, industrial, and renewable energy sectors.
Forum Energy Technologies, Inc. (NYSE: FET) will host its third quarter 2022 earnings conference call on November 11, 2022, at 10:00 a.m. Central Standard Time. A press release detailing the earnings will be issued before the call. The conference call will be available through the Investor Relations section of FET's website. Participants interested in asking questions must register on the website for dial-in information and a unique PIN. The replay will be accessible from 5:00 p.m. Central Standard Time on the same day.
Forum Energy Technologies (NYSE: FET) reported second quarter 2022 revenue of $172 million, an 11% increase from the previous quarter. The company achieved net income of $9 million or $1.15 per diluted share, a turnaround from a $9 million net loss in Q1. Adjusted EBITDA rose to $15.5 million, a 74% sequential increase. The Drilling & Downhole segment led revenue growth, contributing $77 million, while the Completions segment surged by 26% to $66 million. Production segment revenue dropped by 5% to $30 million due to supply chain issues.
Forum Energy Technologies, Inc. (NYSE: FET) will host its second quarter 2022 earnings conference call on August 5, 2022, at 10:00 AM CDT. A press release with the earnings details will be issued prior to the call. Participants can join via the Investor Relations link on Forum's website, and it's recommended to log in about ten minutes early. A replay will be available on the Investor Relations site starting at 11:00 AM CDT on the same day.