FET delays Q4 earnings release; preliminary 2023 revenue $739M, adj. EBITDA $67-69M

FORUM ENERGY TECHNOLOGIES, INC.

2023-FY EPS reported -$1.85 revenue$738,864,000

Q4 2023 revenue $185M, adj. EBITDA $15-17M, free cash flow $9M.
FY 2023 revenue $739M (+6% YoY), adj. EBITDA $67-69M, orders $724M (book-to-bill 98%).
2024 guidance: adj. EBITDA $100-120M, free cash flow $40-60M; Q1 rev $200-220M, adj. EBITDA $23-27M.
Earnings release delayed ~Mar 1, 2024 due to international valuation allowance review; no impact on reported metrics.
Assumes flat global market; US rig count down 5%, intl up slightly, Canada flat; Trans Mountain pipeline key in H2.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

FORUM ENERGY TECHNOLOGIES, INC. reported the fourth quarter and full year 2023 results: revenue $739 million. Guidance initiated.

Period: the fourth quarter and full year 2023
Revenue: $739 million
Guidance: initiated
Result: preliminary results

Exact text from the filing

of Fourth Quarter and Full Year 2023 Earnings Release and Investor Conference Call; Provides Preliminary Results and 2024 Guidance Preliminary Full Year 2023 Results • Revenue: $739 million, a 6% year-over-year increase • Orders: $724 million and book-to-bill ratio of 98% • Adjusted EBITDA: between $67 and $69 million • Results delayed for finalization of valuation

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FORUM ENERGY TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001401257-24-000013

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