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) reported $155 million in revenue for Q1 2022, a 5% increase from Q4 2021. The company's net loss was $9 million with a diluted EPS of ($1.62), improving from a $20 million loss in the previous quarter. Adjusted EBITDA reached $9 million, up 112% sequentially. Orders totaled $165 million, resulting in a book-to-bill ratio of 1.06. The company anticipates Q2 revenue between $160 and $170 million and an adjusted EBITDA of $11 to $14 million.
Forum Energy Technologies (NYSE: FET) announces an earnings conference call for Q1 2022 on May 6, 2022, at 10:00 AM CDT. A press release with earnings details will precede the call. Interested participants can join via phone by calling 855-757-8876 within North America or 631-485-4851 for international access, with access code 8657545. The call will also be streamed on the company’s website. A replay will be available for two weeks post-call.
Forum Energy Technologies (NYSE: FET) reported a full year 2021 revenue of $541 million, marking a $29 million increase year-over-year. Despite a net loss of $83 million, adjusted EBITDA rose to $20 million, a gain of $39 million. In Q4 2021, revenue reached $148 million, up $7 million from Q3 2021, but the net loss was $20 million. Management highlighted that supply chain delays and inflation have impacted profitability. Looking forward, FET expects improved profitability in 2022 as demand and pricing are projected to rise.
Forum Energy Technologies (NYSE: FET) announced that its fourth quarter 2021 results will be below previous guidance due to supply chain disruptions and increased costs, leading to projected revenue of approximately $148 million and adjusted EBITDA of $4 million. Despite these challenges, the full year 2021 performance showed revenue growth to $541 million and adjusted EBITDA of $20 million. The company anticipates a book-to-bill ratio of approximately 1.1x, indicating potential revenue growth in 2022.
Forum Energy Technologies (NYSE: FET) announced the appointment of Neal Lux as President and CEO, effective February 18, 2022. Lux, currently Executive Vice President and COO, will succeed Cris Gaut, who transitions to Executive Chairman. Gaut expressed confidence in Lux's leadership and the management team as they focus on growth and expanding FET's product offerings, particularly in new energy solutions. Lux's experience includes various operations roles at FET and Global Tubing, contributing to the company's goals in the energy sector.
Forum Energy Technologies (FET) reported a third quarter 2021 revenue of $141 million, up 3% sequentially, with orders at $176 million, representing an 11% increase. The company experienced a net loss of $12 million and diluted EPS of -$2.05. Adjusted EBITDA improved by 9% sequentially to $7 million. A $10 million share repurchase program was authorized, equivalent to 8% of equity market cap. The company anticipates fourth quarter revenues of $145-$155 million and EBITDA of $9-$11 million, with ongoing supply chain challenges impacting operations.
Forum Energy Technologies (NYSE: FET) has appointed Paul E. Rowsey III to its Board of Directors, expanding the board to nine members. Mr. Rowsey is an experienced leader, formerly serving as Executive Chairman of JLB Partners and Non-Executive Chairman of Valaris plc. His diverse background in financial and legal matters is expected to enhance the board's oversight capabilities. Chairman Cris Gaut emphasized the importance of diversity on the board, noting that with Mr. Rowsey's appointment, one-third of the board is now comprised of members from under-represented categories.
Forum Energy Technologies (NYSE: FET) will host its third quarter 2021 earnings conference call on November 5, 2021, at 10:00 AM CDT. A press release detailing the earnings will precede the call. North American participants can dial 855-757-8876, while international participants can call 631-485-4851, using access code 4292575. The call will also be available via webcast. A replay will be accessible for two weeks after the call, using the same access code.
Forum Energy Technologies, Inc. (NYSE: FET) announced an amendment to its asset-based revolving credit facility, extending the maturity date to September 2026. The facility size decreased from $250 million to $179 million, with interest rates adjusted to LIBOR plus a margin of 2.25% to 2.75%. As of August 30, 2021, there were no borrowings outstanding, providing approximately $124 million of total availability. This amendment gives FET flexibility for funding future growth.
Forum Energy Technologies, Inc. (NYSE: FET) reported Q2 2021 revenue of $137 million, a $23 million increase from Q1 2021. The net loss narrowed to $22 million or $3.87 per share, improved from a $30 million loss in Q1. Adjusted EBITDA rose to $7 million, up $5 million sequentially. The company experienced a book-to-bill ratio of 1.16, indicating strong future order potential. Forecasts for Q3 2021 project revenue between $145 million and $155 million.