Forum Energy Technologies, Inc. - FET STOCK NEWS

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.

Forum Energy Technologies (NYSE: FET) is set to host its second quarter 2021 earnings conference call on August 6, 2021, at 10:00 AM CDT. A press release detailing its earnings will be issued before the call. Participants can join via phone or through the Investor Relations link on the company’s website. A replay will be available for two weeks post-call. FET provides solutions for the oil, natural gas, and renewable energy sectors, aiming to enhance safety and efficiency in energy production.

Forum Energy Technologies (NYSE: FET) announced the appointment of Dr. Emily Reichert to its Board of Directors, increasing the board size to eight. Dr. Reichert, CEO of Greentown Labs, brings extensive experience in clean technology, aiming to bolster FET's focus on sustainable energy solutions. Under her guidance, FET aims to leverage the global energy transition to enhance its strategic market presence, with nearly 10% of its revenue currently derived from non-oil and gas products. FET is committed to expanding its offerings in clean energy technologies.