Forum Energy Technologies, Inc. - FET STOCK NEWS

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.

Forum Energy Technologies (NYSE: FET) reported Q1 2021 revenue of $115 million, up $2 million from Q4 2020. Net loss narrowed to $30 million ($5.28/share), compared to $33 million ($5.85/share) in Q4. Excluding special items, adjusted net loss was $3.95/share, improved from $4.80/share in Q4. Adjusted EBITDA was $2 million, a $5 million increase sequentially. Segment performance varied; Completions segment revenue surged 24%, while Production segment revenue fell 14%. The company anticipates Q2 revenue between $125-$135 million based on a favorable order flow.

Forum Energy Technologies (NYSE: FET) will hold its first quarter 2021 earnings conference call on May 7, 2021, at 10:00 AM CDT. A press release detailing the earnings will precede the call. Interested participants can join by calling 855-757-8876 (North America) or 631-485-4851 (international), using access code 1008319. The call will also be available via the Investor Relations section on Forum's website. A replay will be accessible for two weeks post-call. Forum Energy Technologies focuses on providing solutions for the oil, gas, industrial, and renewable energy sectors.

Forum Energy Technologies (NYSE: FET) reported Q4 2020 revenue of $113 million, a $9 million increase from Q3. Orders rose by $32 million to $124 million, showcasing a 34% increase. However, the company faced a net loss of $33 million, or $5.85 per diluted share, worsening from a $22 million loss in Q3. Special items contributed to financial fluctuations, including an $88 million gain from asset sales offset by $86 million in asset impairments. Despite these challenges, liquidity improved with $240 million available and net debt reduced to $201 million, positioning the company for future growth.

Forum Energy Technologies (FET) will host its fourth quarter and full year 2020 earnings conference call on February 24, 2021, at 10:00 AM CST. A press release detailing the earnings will precede the call. Interested participants can join by calling 855-757-8876 in North America or 631-485-4851 internationally, using access code 1286195. The call will also be available for streaming on Forum's Investor Relations website. A replay will be accessible for two weeks post-call. Forum Energy Technologies is a global provider of oilfield products for the drilling and production sectors.

Forum Energy Technologies (NYSE: FET) announced the completion of its asset sale of ABZ and Quadrant valve brands to Anvil and Smith-Cooper International for $105 million in cash on December 31, 2020. This transaction enhances Forum's liquidity and reduces net debt by over one-third. In 2020, the sold product lines contributed approximately $42 million in revenues and $12 million in EBITDA. The sale allows Forum to focus on drilling activity, with the U.S. rig count increasing by over 40% since August 2020, while maintaining a strong cash position and undrawn credit facilities.

Forum Energy Technologies reported third quarter 2020 revenue of $104 million, down $10 million from the previous quarter. The net loss for the quarter was $22 million or $0.19 per diluted share, compared to a net loss of $5 million in Q2 2020. Orders increased by 8% sequentially to $92 million, with gains driven by short-cycle completion products. Adjusted EBITDA improved by $2 million to negative $10 million. The company anticipates a recovery in orders and revenue in line with increasing U.S. drilling activity in Q4 2020.

Forum Energy Technologies, Inc. (NYSE: FET) announced a 1-for-20 reverse stock split, reducing its outstanding shares from approximately 111.5 million to 5.6 million. This measure, approved by shareholders in May 2020, aims to boost the stock price and meet New York Stock Exchange listing requirements. The split will take effect after market close on November 9, 2020, with shares trading under the existing symbol 'FET' on November 10. Stockholders will receive cash for any fractional shares resulting from the split. The company operates in the oilfield products sector.

Forum Energy Technologies (NYSE: FET) will host its third quarter 2020 earnings conference call on November 6, 2020, at 9:00 AM CDT. A press release detailing the earnings will precede the call. Participants can join by calling 855-757-8876 in North America or 631-485-4851 internationally, using access code 6796418. The call will also be streamed on the company's Investor Relations website. Forum specializes in oilfield products, providing highly engineered capital equipment for the oil and natural gas industry from its headquarters in Houston, TX.