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 (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
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.
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.
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