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 provider of manufactured technologies and applied products and services, catering primarily to the oil, natural gas, industrial, and renewable energy industries. Despite being a relatively new name in the market, Forum Energy Technologies brings together a suite of well-known brands and an extensive range of mission-critical products and services.
The company's offerings span from underwater reservoirs to refineries and above-ground transportation lines, encompassing a comprehensive suite of solutions aimed at maximizing operational efficiency, enhancing safety, and reducing costs.
Forum Energy Technologies operates through three major segments:
- Drilling and Downhole: This key revenue-generating segment provides engineered capital equipment and consumable products for drilling activities, including valves, centrifugal pumps, and rig sensors.
- Completions: This segment focuses on products and services used during the completion phase of oil and gas wells.
- Production: This segment provides products and services for oil and gas production and transportation.
The company prides itself on its capability to supply clients not only with high-quality equipment but also with related services that improve safety and performance. Their global presence, with offices situated in key oilfield distribution centers, ensures they are well-positioned to meet the needs of their worldwide customer base.
Recent achievements include the initiation and update of coverage by Stonegate Capital Partners, indicating growing interest and confidence in Forum Energy Technologies' market performance and future potential.
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.
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