Stonegate Capital Partners Updates Coverage on Forum Energy Technologies, Inc. (FET) Q3 24

Rhea-AI Summary

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.

Positive

• Gross profit margins exceeded expectations
• Artificial lift and equipment segment orders increased 9.0%
• Drilling and Completions segment revenue grew 5.6% Q/Q to $123.6M
• Completed debt refinancing

Negative

• Revenue of $207.8M fell short of consensus estimates of $214.5M
• Reported negative adjusted net income of ($2.3M)

News Market Reaction – FET

+1.55%

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+1.55% News Effect

On the day this news was published, FET gained 1.55%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Dallas, Texas--(Newsfile Corp. - November 4, 2024) - Forum Energy Technologies, Inc. (NYSE: FET) Stonegate Capital Partners updates their coverage on Forum Energy Technologies, Inc. (NYSE: FET). FET reported revenue, adj EBITDA, and adj net income of $207.8M, $25.8M, and ($2.3)M, respectively. This compares to our/consensus estimates of $211.3M/$214.5M, $26.3M/$26.8M, and ($4.4)M/$0.7M. It is noted that revenues were in-line with our expectations. GPM was slightly ahead of expectations, resulting in stronger operating profits. Adj. EBITDA margins were in-line with expectations at 12.4%. Adj. NI was slightly ahead of our expectations due to stronger than expected OPM.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Debt refinancing completed in the quarter
• Artificial lift and equipment segment orders increased 9.0%
• Drilling and Completions segment saw a Q/Q revenue increase of 5.6% to $123.6M

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228868

FAQ

What was Forum Energy Technologies (FET) revenue in Q3 2024?

Forum Energy Technologies reported revenue of $207.8 million in Q3 2024.

How did FET's Q3 2024 revenue compare to analyst estimates?

FET's revenue of $207.8M was below consensus estimates of $214.5M.

What was the growth rate of FET's Drilling and Completions segment in Q3 2024?

FET's Drilling and Completions segment revenue increased 5.6% quarter-over-quarter to $123.6M.

What was FET's adjusted EBITDA margin in Q3 2024?

FET's adjusted EBITDA margin was 12.4% in Q3 2024.