Forum Energy Technologies files Variperm acquisition financials; target earned $50.3M in 2023

FORUM ENERGY TECHNOLOGIES, INC.

Acquisition of Variperm closed Jan 4, 2024; filing provides audited Variperm FY 2023 financials.
Variperm FY 2023 revenue $174.3M, up 14% from $153.2M in 2022; net earnings $50.3M vs $37.0M.
Gross profit $88.4M (50.7% margin) in 2023; G&A expenses $19.1M.
Variperm reduced short-term borrowings to zero from $12.3M; paid $19.4M dividends in 2023.
Forum also filed unaudited pro forma combined balance sheet and P&L for FY 2023.

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