Forum Energy Technologies, Inc. - FET STOCK NEWS

Forum Energy Technologies (NYSE: FET) reported Q2 2024 results with revenue of $205 million, up 11% year-over-year. The company posted a net loss of $7 million ($0.54 per diluted share) and an adjusted net loss of $1 million ($0.07 per diluted share). Adjusted EBITDA rose 48% year-over-year to $26 million.

FET generated strong free cash flow of $21 million and raised its 2024 full-year free cash flow guidance to $50-$70 million. The company maintained the bottom end of its adjusted EBITDA guidance but lowered the top end, now projecting $100-$110 million for 2024. FET plans to retire outstanding 2025 Notes and the Variperm Seller Term Loan by mid-2025.

Forum Energy Technologies (NYSE: FET) has announced its second quarter 2024 earnings conference call, scheduled for Friday, August 2, 2024, at 10:00 a.m. Central Time. The company will release its Q2 2024 earnings report before the call. Investors can access the webcast through FET's Investor Relations website. Those wishing to ask questions during the call should register online to receive dial-in information and a unique PIN.

FET is a global company serving the oil, natural gas, industrial, and renewable energy sectors, focusing on providing solutions that enhance safety and efficiency in energy exploration and production. The company emphasizes its commitment to environmental and social responsibility, with its headquarters in Houston, TX, and facilities worldwide.

Forum Energy Technologies (NYSE: FET) has announced plans to redeem $60 million of its 9.000% Convertible Senior Secured Notes due 2025 at par on August 16, 2024. The company expects to report cash flows from operating activities between $23 million and $25 million for Q2 2024. Additionally, FET repurchased approximately $13 million of the 2025 Notes at a discount during the quarter.

CEO Neal Lux stated that the company is executing its plan to retire long-term debt through positive free cash flow and liquidity under its ABL Credit Facility. Following this redemption, FET will have retired more than half of the outstanding principal amount of the 2025 Notes this year. The company aims to repay the remaining 2025 Notes and the Variperm Seller Term Loan in 2025.

Forum Energy Technologies (NYSE: FET) announced that its President and CEO, Neal Lux, will present at the J.P. Morgan 2024 Energy, Power and Renewables Conference on June 18, 2024, at 10:20 a.m. ET.

The webcast and presentation slides will be available on FET's website. FET is a global provider of solutions for the oil, natural gas, industrial, and renewable energy industries, focusing on safety and efficiency in energy exploration and production. The company emphasizes environmental and social responsibility, headquartered in Houston, with facilities worldwide.

Forum Energy Technologies (NYSE: FET) announced that President and CEO Neal Lux, and EVP & CFO Lyle Williams, will participate in a Water Tower Research fireside chat on May 21, 2024, at 10:00 a.m. CT. The event is open to the public, with registration available via Zoom and a live webcast on FET’s Investor Relations page. FET, headquartered in Houston, TX, serves global oil, natural gas, industrial, and renewable energy industries, aiming to enhance safety and efficiency in energy exploration and production. The company is committed to environmental and social responsibility, with a worldwide presence in manufacturing, distribution, and service.

Forum Energy Technologies, Inc. (NYSE: FET) will be presenting at the Sidoti Virtual Investor Conference on May 8, 2024. The company's President, CEO, and CFO will be participating in the event, providing insights into their global operations and value-added solutions for the energy industry. FET will also hold virtual meetings with investors on May 8-9, 2024. For more details, visit their Investor Relations webpage.

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.

Forum Energy Technologies (FET) schedules its first quarter 2024 earnings conference call for May 3, 2024, at 10:00 a.m. Central Time. FET will release a press report before the call, which can be accessed via webcast on their Investor Relations website. Participants can register to ask questions and access dial-in numbers. A replay will be available on the website later that day. FET is a global company providing solutions for energy industries, headquartered in Houston, TX.