Forum Energy Technologies Provides Preliminary Third Quarter 2024 Selected Financial Results
Forum Energy Technologies (NYSE: FET) has released preliminary financial results for Q3 2024. Revenue is estimated at $208 million, up from $205 million in Q2. Bookings increased to approximately $205 million from $180 million. Adjusted EBITDA remained stable at $26 million. Free Cash Flow (before acquisitions) improved to $24 million from $21 million.
These preliminary results fall within FET's previously announced guidance ranges. The company, headquartered in Houston, Texas, serves the oil, natural gas, industrial, and renewable energy industries globally, focusing on improving safety, efficiency, and environmental impact for its customers.
FET notes that these figures are estimates and may vary from final results pending completion of financial closing procedures and final adjustments.
Forum Energy Technologies (NYSE: FET) ha rilasciato i risultati finanziari preliminari per il terzo trimestre del 2024. Il fatturato è stimato in 208 milioni di dollari, in aumento rispetto ai 205 milioni del secondo trimestre. Le prenotazioni sono aumentate a circa 205 milioni di dollari rispetto ai 180 milioni precedenti. L'EBITDA Adjusted è rimasto stabile a 26 milioni di dollari. Il flusso di cassa libero (escludendo le acquisizioni) è migliorato a 24 milioni di dollari, rispetto ai 21 milioni precedenti.
Questi risultati preliminari rientrano nei range di previsione precedentemente annunciati da FET. L'azienda, con sede a Houston, Texas, serve a livello globale le industrie del petrolio, del gas naturale, dell'industria e delle energie rinnovabili, concentrandosi sul miglioramento della sicurezza, dell'efficienza e dell'impatto ambientale per i propri clienti.
FET sottolinea che queste cifre sono stime e potrebbero variare rispetto ai risultati finali in attesa del completamento delle procedure di chiusura finanziaria e delle regolazioni finali.
Forum Energy Technologies (NYSE: FET) ha publicado resultados financieros preliminares para el tercer trimestre de 2024. Los ingresos se estiman en 208 millones de dólares, un aumento respecto a los 205 millones del segundo trimestre. Las reservas aumentaron a aproximadamente 205 millones de dólares desde los 180 millones. El EBITDA ajustado se mantuvo estable en 26 millones de dólares. El flujo de caja libre (excluyendo adquisiciones) mejoró a 24 millones de dólares desde 21 millones.
Estos resultados preliminares se encuentran dentro de los rangos de orientación previamente anunciados por FET. La compañía, con sede en Houston, Texas, atiende a nivel global las industrias de petróleo, gas natural, industrial y energías renovables, centrándose en mejorar la seguridad, la eficiencia y el impacto ambiental para sus clientes.
FET señala que estas cifras son estimaciones y pueden variar respecto a los resultados finales a la espera de la finalización de los procedimientos de cierre financiero y ajustes finales.
포럼 에너지 기술(뉴욕증권거래소: FET)은 2024년 3분기 예비 재무 결과를 발표했습니다. 수익은 2억 8천만 달러로 예상되며, 이는 2분기 2억 5백만 달러에서 증가한 수치입니다. 주문량은 1억 8천만 달러에서 약 2억 5천만 달러로 증가했습니다. 조정 EBITDA는 2천6백만 달러로 안정세를 유지했습니다. 자유 현금 흐름 (인수 제외)은 2천1백만 달러에서 2천4백만 달러로 개선되었습니다.
이 예비 결과는 FET가 이전에 발표한 가이던스 범위 내에 있습니다. 텍사스주 휴스턴에 본사를 둔 이 회사는 전 세계적으로 석유, 천연 가스, 산업 및 재생 가능 에너지 산업에 서비스를 제공하며, 고객의 안전, 효율성 및 환경 영향을 개선하는 데 초점을 맞추고 있습니다.
FET는 이 수치들이 추정치이며, 재무 마감 절차 및 최종 조정 완료에 따라 최종 결과와 다를 수 있음을 주의합니다.
Forum Energy Technologies (NYSE: FET) a publié des résultats financiers préliminaires pour le troisième trimestre 2024. Le chiffre d'affaires est estimé à 208 millions de dollars, en hausse par rapport à 205 millions de dollars au deuxième trimestre. Les commandes ont augmenté pour atteindre environ 205 millions de dollars contre 180 millions de dollars. Le résultat avant intérêts, impôts, dépréciation et amortissement ajusté est resté stable à 26 millions de dollars. Le flux de trésorerie disponible (avant acquisitions) a progressé à 24 millions de dollars contre 21 millions de dollars.
Ces résultats préliminaires s’inscrivent dans les fourchettes de prévisions précédemment annoncées par FET. L'entreprise, dont le siège est à Houston, au Texas, sert à l'échelle mondiale les secteurs du pétrole, du gaz naturel, de l'industrie et des énergies renouvelables, en se concentrant sur l'amélioration de la sécurité, de l'efficacité et de l'impact environnemental pour ses clients.
FET souligne que ces chiffres sont des estimations et peuvent varier par rapport aux résultats finaux en fonction de l'achèvement des procédures de clôture financière et des ajustements finaux.
Forum Energy Technologies (NYSE: FET) hat vorläufige Finanzzahlen für das dritte Quartal 2024 veröffentlicht. Der Umsatz wird auf 208 Millionen Dollar geschätzt, ein Anstieg gegenüber 205 Millionen Dollar im zweiten Quartal. Die Buchungen stiegen auf etwa 205 Millionen Dollar von 180 Millionen Dollar. Das bereinigte EBITDA blieb stabil bei 26 Millionen Dollar. Der freie Cashflow (vor Übernahmen) verbesserte sich auf 24 Millionen Dollar von 21 Millionen Dollar.
Diese vorläufigen Ergebnisse liegen innerhalb der zuvor von FET angekündigten Leitlinien. Das Unternehmen, mit Sitz in Houston, Texas, bedient weltweit die Öl-, Erdgas-, Industrie- und Erneuerbare-Energien-Branchen und konzentriert sich darauf, die Sicherheit, Effizienz und Umweltverträglichkeit für seine Kunden zu verbessern.
FET weist darauf hin, dass diese Zahlen Schätzungen sind und sich von den endgültigen Ergebnissen unterscheiden können, da die finanziellen Abschlussverfahren und endgültigen Anpassungen noch abgeschlossen werden müssen.
- Revenue increased from $205 million in Q2 to $208 million in Q3 2024
- Bookings grew significantly from $180 million to $205 million
- Free Cash Flow improved from $21 million to $24 million
- Results are within previously announced guidance ranges
- None.
Insights
Forum Energy Technologies' preliminary Q3 2024 results show modest improvements in key metrics. Revenue increased slightly to
These results, falling within previously announced guidance, indicate steady performance in a challenging energy sector. The improved bookings and free cash flow are particularly positive signs, potentially reflecting increased market activity or operational efficiencies. However, the flat Adjusted EBITDA despite higher revenue suggests possible margin pressures or increased costs.
For investors, the stable performance and improved cash flow position are encouraging, especially given the volatility in oil and gas markets. The increased bookings could translate to revenue growth in future quarters, but this will depend on successful execution and market conditions.
FET's Q3 2024 preliminary results reveal interesting trends in the energy services sector. The modest
The company's focus on value-added solutions for safety, efficiency and environmental impact aligns well with current industry trends towards sustainability and operational optimization. This positioning could be driving the increased bookings and may lead to future market share gains.
However, the flat Adjusted EBITDA despite revenue growth raises questions about cost management or pricing pressures. Investors should watch for explanations in the full earnings report. The improved free cash flow is a positive sign, potentially providing flexibility for investments or debt reduction.
Overall, these results suggest FET is navigating the complex energy market relatively well, with signs of potential growth on the horizon. The company's performance relative to peers will be important in assessing its competitive position in this evolving sector.
-
Revenue of approximately
$208 million $205 million -
Bookings of approximately
$205 million $180 million -
Adjusted EBITDA of approximately
$26 million $26 million -
Free Cash Flow (before acquisitions) of approximately
$24 million $21 million
These preliminary Third Quarter 2024 revenue and Adjusted EBITDA results are within our previously announced guidance ranges. Provided below is a table reconciling GAAP to non-GAAP Second Quarter 2024 financial information.
FET (Forum Energy Technologies) is a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in
Non-GAAP Financial Measures and Other Legal Disclosures
The Company presents its financial results in accordance with
The unaudited financial information presented above for the Third Quarter 2024 reflects estimates based upon preliminary information available to the Company as of the date hereof, is not a comprehensive statement of the Company’s financial results or position as of or for the quarter ended September 30, 2024, and has not been audited or reviewed by the Company’s independent registered public accounting firm. The Company’s consolidated financial statements and operating data as of and for the quarter ended September 30, 2024 may vary materially from the preliminary financial information provided herein due to the completion of the Company’s financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the Third Quarter 2024 are finalized. Accordingly, investors should not place undue reliance on these preliminary estimates. The Company is not able to provide reconciliations of Adjusted EBITDA and Free Cash Flow (before acquisitions) to the most directly comparable measure in accordance with GAAP without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such reconciliations, including net income (loss), net cash provided by operating activities and the components of such GAAP measures.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of anticipated financial and operating results of the Company for the Third Quarter 2024, including any statement about the Company’s financial position, liquidity and capital resources, operations, performance, returns and other estimated financial results included in this press release.
These statements are based on certain assumptions and estimates made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the risks described above and the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company’s ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company’s ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company’s business, and other important factors that could cause actual results to differ materially from those projected or estimated as described in the Company's filings with the
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc. |
|||
Reconciliation of GAAP to non-GAAP financial information |
|||
(in millions) |
Three months ended
|
||
|
|
||
Net loss |
$ |
(6.7 |
) |
Interest expense |
|
8.7 |
|
Depreciation and amortization |
|
14.0 |
|
Income tax expense |
|
2.5 |
|
EBITDA |
|
18.5 |
|
Restructuring and other costs |
|
1.0 |
|
Transaction expenses |
|
1.2 |
|
Inventory and other working capital adjustments |
|
— |
|
Stock-based compensation expense |
|
1.5 |
|
Loss on extinguishment of debt |
|
0.5 |
|
Loss on foreign exchange, net (1) |
|
3.1 |
|
Adjusted EBITDA (2) |
$ |
25.8 |
|
|
|
||
Net cash provided by operating activities |
$ |
23.1 |
|
Capital expenditures for property and equipment |
|
(1.5 |
) |
Payments related to sale of property and equipment |
|
(0.2 |
) |
Free Cash Flow (before acquisitions) (3) |
$ |
21.4 |
|
|
|
||
(1) |
Foreign exchange, net primarily relates to cash and receivables denominated in |
|
|
(2) |
The Company believes that the presentation of EBITDA and Adjusted EBITDA are useful to the Company’s investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company’s normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company’s operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company’s securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. |
|
|
(3) |
The Company believes Free Cash Flow (before acquisitions) is an important measure because it encompasses both profitability and capital management in evaluating results. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241014019092/en/
Rob Kukla
Director of Investor Relations
281.994.3763
rob.kukla@f-e-t.com
Source: Forum Energy Technologies, Inc.
FAQ
What was Forum Energy Technologies' (FET) revenue in Q3 2024?
How did FET's bookings change in Q3 2024 compared to Q2?
What was Forum Energy Technologies' (FET) Adjusted EBITDA for Q3 2024?
How much Free Cash Flow did FET generate in Q3 2024?
