FET Q1 revenue $202M, net loss $0.85/sh; reaffirms FY2024 EBITDA guidance of $100-120M

FORUM ENERGY TECHNOLOGIES, INC.

2024-Q1 EPS reported -$0.85 revenue$202,392,000

Revenue $202M (+9% seq); orders $204M (book-to-bill 101%); net loss $10M ($0.85/sh), adj. net loss $0.12/sh.
Adjusted EBITDA $26M (+69% seq); reaffirms FY2024 adj. EBITDA $100-120M, FCF $40-60M.
Variperm acquisition boosted Artificial Lift & Downhole segment; segment revenue up 42% seq.
Q2 2024 adj. EBITDA guidance $24-28M, softer Canadian market due to seasonal breakup.
Drilling & Completions revenue down 6% seq but adj. EBITDA up 13% on favorable product mix.

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 0.95

FORUM ENERGY TECHNOLOGIES, INC. reported first quarter 2024 results: revenue $202 million, net income $10 million , or $0.85 p er diluted share, EPS $0.85 p er diluted share. Guidance reaffirmed.

Period: first quarter 2024
Revenue: $202 million
Net income: $10 million , or $0.85 p er diluted share
EPS: $0.85 p er diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2024 revenue of $202 million, a 9% sequential increase.

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Source: SEC EDGAR

accession 0001401257-24-000087

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