Forum Energy Technologies Announces First Quarter 2024 Results, Benefits from Variperm Acquisition
Forum Energy Technologies, Inc. (FET)
Last forum energy technologies, inc. earnings: 2/12 08:25 pm
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US:NYSE Investor Relations:
ir.f-e-t.com
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Source: Business Wire
Revenue: $202 million, 9% sequential increaseOrders: $204 million and book-to-bill ratio of 101%Net loss: $10 million and diluted EPS of $0.85Adjusted EBITDA: $26 million, 69% sequential increaseOperating cash flow and free cash flow: $5 million and $2 million, respectivelyReaffirms full year 2024 guidance: $100 to $120 million in EBITDA and $40 to $60 million in free cash flow HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2024 revenue of $202 million, a 9% sequential increase. Orders grew 28% sequentially to $204 million, with a book-to-bill ratio of 101%. The first quarter 2024 net loss was $10 million, or $0.85 per diluted share, compared to a net loss of $17 million, or $1.64 per diluted share, for the fourth quarter 2023.First quarter 2024 special items, on a pre-tax basis, included $6 million of transaction expenses related to the Variperm acquisition, $2 million of restructuring and other costs, and $1 million of foreign
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