secwatch.observer — SEC 8-K summary
======================================

Issuer:     FORUM ENERGY TECHNOLOGIES, INC. (FET)
CIK:        0001401257
Form:       8-K
Filed at:   2023-02-21T23:59:59+00:00
Accession:  0001401257-23-000010
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FET reports FY2022 revenue $700M (+29% YoY), adj. EBITDA $59M (+194%); guides FY2023 adj. EBITDA $80-100M
--------------------------------------------------------------------------------

- Full year 2022 revenue $700M (+29% YoY); net income $4M, diluted EPS $0.62; adj. EBITDA $59M (+194%).
- Q4 2022 revenue $191M (+5% QoQ); net loss $13M ($2.22 loss per share); adjusted net loss $0.45 per share.
- 2023 adjusted EBITDA guidance $80-$100M; long-term debt reduced 47.8% in Jan 2023; leverage ratio improved to 1.4x.
- Drilling & Downhole rev $81M (+7% QoQ), adj EBITDA $11M (-$2M); Completions rev $74M (+3%), adj EBITDA $9M (-$1M); Production rev $36M (+5%), adj EBITDA $2M (+$1M).
- Q4 orders $215M, book-to-bill 113%; full year orders $781M, book-to-bill 112%; backlog highest since Q4 2018.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000010/0001401257-23-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000010/fet-20230221.htm
  HTML page:      https://secwatch.observer/filing/0001401257-23-000010

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer