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) reported third quarter 2022 revenue of $182 million, reflecting a 6% sequential increase. The company achieved net income of $16.5 million, or $1.82 per diluted share, up from $9.3 million in Q2 2022. Adjusted EBITDA rose to $17.8 million, a 15% increase, while Free Cash Flow reached $17.3 million. FET confirms full-year 2022 Adjusted EBITDA guidance at $50 to $60 million. The strong demand in its markets is expected to drive further revenue growth and margin expansion.
Forum Energy Technologies, Inc. (NYSE: FET) has rescheduled its third quarter 2022 earnings conference call to 11:00 a.m. CST on November 9, 2022. A press release detailing the earnings will be issued before the call, which will be available for webcast on FET's Investor Relations website. Participants wishing to ask questions must register in advance to obtain dial-in details. The call replay will be accessible from 5:00 p.m. CST on the same day. FET specializes in providing solutions for the oil, gas, industrial, and renewable energy sectors.
Forum Energy Technologies, Inc. (NYSE: FET) will host its third quarter 2022 earnings conference call on November 11, 2022, at 10:00 a.m. Central Standard Time. A press release detailing the earnings will be issued before the call. The conference call will be available through the Investor Relations section of FET's website. Participants interested in asking questions must register on the website for dial-in information and a unique PIN. The replay will be accessible from 5:00 p.m. Central Standard Time on the same day.
Forum Energy Technologies (NYSE: FET) reported second quarter 2022 revenue of $172 million, an 11% increase from the previous quarter. The company achieved net income of $9 million or $1.15 per diluted share, a turnaround from a $9 million net loss in Q1. Adjusted EBITDA rose to $15.5 million, a 74% sequential increase. The Drilling & Downhole segment led revenue growth, contributing $77 million, while the Completions segment surged by 26% to $66 million. Production segment revenue dropped by 5% to $30 million due to supply chain issues.
Forum Energy Technologies, Inc. (NYSE: FET) will host its second quarter 2022 earnings conference call on August 5, 2022, at 10:00 AM CDT. A press release with the earnings details will be issued prior to the call. Participants can join via the Investor Relations link on Forum's website, and it's recommended to log in about ten minutes early. A replay will be available on the Investor Relations site starting at 11:00 AM CDT on the same day.
Forum Energy Technologies (NYSE: FET) reported $155 million in revenue for Q1 2022, a 5% increase from Q4 2021. The company's net loss was $9 million with a diluted EPS of ($1.62), improving from a $20 million loss in the previous quarter. Adjusted EBITDA reached $9 million, up 112% sequentially. Orders totaled $165 million, resulting in a book-to-bill ratio of 1.06. The company anticipates Q2 revenue between $160 and $170 million and an adjusted EBITDA of $11 to $14 million.
Forum Energy Technologies (NYSE: FET) announces an earnings conference call for Q1 2022 on May 6, 2022, at 10:00 AM CDT. A press release with earnings details will precede the call. Interested participants can join via phone by calling 855-757-8876 within North America or 631-485-4851 for international access, with access code 8657545. The call will also be streamed on the company’s website. A replay will be available for two weeks post-call.
Forum Energy Technologies (NYSE: FET) reported a full year 2021 revenue of $541 million, marking a $29 million increase year-over-year. Despite a net loss of $83 million, adjusted EBITDA rose to $20 million, a gain of $39 million. In Q4 2021, revenue reached $148 million, up $7 million from Q3 2021, but the net loss was $20 million. Management highlighted that supply chain delays and inflation have impacted profitability. Looking forward, FET expects improved profitability in 2022 as demand and pricing are projected to rise.
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
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.
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