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  • Mar 5, 2024

  • Feb 29, 2024

      Show headlines and story abstract
    • 4:44PM ET on Thursday Feb 29, 2024 by MT Newswires
      Companies Mentioned: FET
      04:44 PM EST, 02/29/2024 (MT Newswires) -- ...
    • 4:42PM ET on Thursday Feb 29, 2024 by Business Wire
      Companies Mentioned: FET

      Forum Energy Technologies, Inc. (NYSE: FET) today announced fourth quarter 2023 revenue of $185 million, a $6 million increase from the third quarter. The fourth quarter net loss was $17 million, or $1.64 per diluted share, compared to third quarter net income of $8 million, or $0.77 per diluted share. Excluding $9 million of foreign exchange losses and $4 million of transaction and other nonrecurring items, cumulatively $1.25 per share, adjusted net loss was $0.39 per diluted share, compared to adjusted net income of $0.05 per diluted share in the third quarter. Fourth quarter adjusted EBITDA was $15 million, compared to $17 million for the third quarter. Free cash flow for the fourth quarter was $9 million compared to $24 million for the third quarter.

    • 4:42PM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: FET
      (in millions of December 31, December 31, September 30, dollars) 2023 2022 2023 ---------------- ---------------- --------------- ---------------- EBITDA reconciliation (1) Net income (loss) $ (16.8) $ (12.8) $ 8.0 Interest expense 4.6 7.9 4.5 Depreciation and amortization 8.7 8.8 9.0 Income tax expense 4.9 1.7 1.4 -------- --- --------- ------------ EBITDA $ 1.4 $ 5.6 $ 22.9 ======== === ========= ============ (1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 4 - Adjusting Items Year ended ----------------------------------- December 31, December 31, (in millions of dollars) 2023 2022 ------------------------------------ ------------------ --------------- EBITDA reconciliation (1) Net income (loss) $ (18.9) $ 3.7 Interest expense 18.3 31.5 Depreciation and amortization 34.7 37.1 Income tax expense 11.1 6.6 ---------- --- ---------- EBITDA $ 45.2 $ 78.9 ========== === ========== (1) The Company believes adjusted EBITDA is useful to investors because it is an appropriate measure of evaluating operating performance and liquidity. It reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities, and making strategic acquisitions. In addition, adjusted EBITDA is a widely used benchmark in the investment community. Forum Energy Technologies, Inc. Free cash flow (Unaudited) Table 5 - Adjusting items Three months ended --------------------------------------------------- (in millions of December 31, December 31, September 30, dollars) 2023 2022 2023 ---------------- -------------- ----------------- ---------------- Free cash flow, before acquisitions, reconciliation (1) Net cash provided by (used in) operating activities $ 11.3 $ 15.0 $ 26.4 Capital expenditures for property and equipment (2.4) (2.7) (2.7) Proceeds from sale-leaseback transactions -- 32.1 -- Proceeds from sale of property and equipment -- 0.3 0.2 ---- ------- --- -------- --- ------- Free cash flow, before acquisitions $ 8.9 $ 44.7 $ 23.9 ==== ======= === ======== === ======= (1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. Forum Energy Technologies, Inc. Free cash flow (Unaudited) Table 6 - Adjusting items Year ended ---------------------------------- December 31, December 31, (in millions of dollars) 2023 2022 ----------------------------------- --------------- ----------------- Free cash flow, before acquisitions, reconciliation (1) Net cash provided by (used in) operating activities $ 8.2 $ (17.1) Capital expenditures for property and equipment (7.9) (7.5) Proceeds from sale-leaseback transactions -- 32.1 Proceeds from sale of property and equipment 1.3 3.0 ---- -------- ---------- Free cash flow, before acquisitions $ 1.6 $ 10.5 ==== ======== ========== (1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. Forum Energy Technologies, Inc. Supplemental schedule - Product line revenue (Unaudited) Three months ended ----------------------------------------------------------- (in millions of December 31, December 31, September 30, dollars) 2023 2022 2023 ----------------- ----------------- ------------------- ------------------- Revenue $ % $ % $ % ------ --------- ------- ---------- ------- ---------- Drilling Technologies $ 41.6 22.5% $ 42.5 22.2% $ 43.0 24.0% Downhole Technologies 21.7 11.7% 22.1 11.6% 23.5 13.1% Subsea Technologies 27.6 14.9% 16.5 8.7% 14.7 8.2% ----- ----- ----- ----- ----- ----- Drilling & Downhole 90.9 49.1% 81.1 42.5% 81.2 45.3% Stimulation and Intervention 32.1 17.3% 45.2 23.7% 32.6 18.2% Coiled Tubing 25.3 13.7% 28.9 15.2% 29.9 16.7% ----- ----- ----- ----- ----- ----- Completions 57.4 31.0% 74.1 38.9% 62.5 34.9% Production Equipment 22.7 12.3% 19.9 10.4% 21.7 12.1% Valve Solutions 14.2 7.6% 16.0 8.4% 15.2 8.5% ----- ----- ----- ----- ----- ----- Production 36.9 19.9% 35.9 18.8% 36.9 20.6% Eliminations -- --% (0.4) (0.2 ) % (1.3) (0.8 ) % ----- ----- ----- ----- --- ----- ----- --- Total revenue $185.2 100.0% $190.7 100.0% $179.3 100.0% ===== ===== ===== ===== ===== =====
    • 4:42PM ET on Thursday Feb 29, 2024 by Dow Jones
      Companies Mentioned: FET