Articles from Forum Energy Technologies, Inc.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Sidoti Virtual Micro Cap Conference on Wednesday, January 22, 2025 at 11:30 a.m. Eastern Time.

Forum Energy Technologies, Inc. (NYSEFET) (“FET”) today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET’s common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended or discontinued at any time. In addition, it may be executed using open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in privately negotiated agreements pursuant to Rule 10b5-1 plans or other transactions.

Forum Energy Technologies, Inc. (NYSEFET) (“FET”) announced today that it closed its offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the “Offering”) on November 8, 2024. The bonds will mature in November 2029 and were issued at par. Net proceeds from the Offering, together with cash on hand, were used to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services and were also used to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”). FET discharged its obligations under the 2025 Notes indenture, and they will be redeemed on December 8, 2024.

Forum Energy Technologies, Inc. (NYSEFET) today announced third quarter 2024 revenue of $208 million, a 1% sequential increase. Orders increased 14% sequentially to $206 million, with a book-to-bill ratio of 99%. The third quarter 2024 net loss was $15 million, or $1.20 per diluted share, compared to a second quarter net loss of $7 million, or $0.54 per diluted share. The adjusted net loss for the quarter was $2 million, or $0.19 per diluted share, compared to the second quarter 2024 adjusted net loss of $0.07 per diluted share.1

Forum Energy Technologies, Inc. (NYSEFET) (“FET”) announced today that it has finalized the terms of FET’s private offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the “Offering”). The bonds will mature in November 2029 and will be issued at par. The Offering is expected to close on November 7, 2024, subject to customary closing conditions. FET intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”) and to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services (the “Seller Term Loan”).

Forum Energy Technologies, Inc. (NYSEFET) (the “Company” or “FET”) today announced the following preliminary selected Third Quarter 2024 financial results, compared to the Second Quarter 2024.

Forum Energy Technologies, Inc. (NYSEFET) (“FET”) announced today the commencement of a backstopped private offering of USD $100.0 million aggregate principal amount of 5-year senior secured bonds (the “Offering”). FET intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”) and to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services (the “Seller Term Loan”).

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, will participate in a fireside chat with Water Tower Research on Wednesday, October 9, 2024 at 10:00 a.m. Central Time.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its third quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, November 1, 2024. FET will issue a press release reporting its third quarter 2024 earnings prior to the conference call.

HOUSTON, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSEFET) (“FET”), a global designer, manufacturer and distributor of products to the oil, natural gas, industrial and renewable energy industries, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Lyle Williams, Chief Financial Officer, will present at the EnerCom Denver – The Energy Investment Conference. Mr. Williams’ presentation is scheduled for Tuesday, August 20, 2024, at 9:45 a.m. Mountain Time.

Forum Energy Technologies, Inc. (NYSEFET) today announced second quarter 2024 revenue of $205 million, a 1% sequential increase, despite a 5% decline in global rig count. Orders declined 12% sequentially to $180 million, with a book-to-bill ratio of 88%. The second quarter 2024 net loss was $7 million, or $0.54 per diluted share, compared to a net loss of $10 million, or $0.85 per diluted share, for the first quarter 2024.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its second quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, August 2, 2024. FET will issue a press release reporting its second quarter 2024 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced that it will redeem $60 million in aggregate principal amount of its 9.000% Convertible Senior Secured Notes due 2025 (“2025 Notes”) at par on August 16, 2024.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer is scheduled to present at the J.P. Morgan 2024 Energy, Power and Renewables Conference on Tuesday, June 18, 2024, at 10:20 a.m. Eastern Time.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, will participate in a fireside chat with Water Tower Research on Tuesday, May 21, 2024 at 10:00 a.m. Central Time.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Sidoti Virtual Investor Conference on Wednesday, May 8, 2024 at 12:15 p.m. Eastern Time.

Forum Energy Technologies, Inc. (NYSEFET) 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.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its first quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, May 3, 2024. FET will issue a press release reporting its first quarter 2024 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its fourth quarter and full year 2023 earnings conference call at 10:00 a.m. Central Time on Friday, March 1, 2024. FET delayed its fourth quarter and full year 2023 earnings release and investor conference call to allow time to assess valuation allowance reserves in an international jurisdiction and quantify the potential impact to income tax and net income. After careful review and analysis, including the company’s independent auditors, the valuation allowance reserves remain unchanged. FET will issue a press release reporting its fourth quarter and full year 2023 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced that it will delay the issuance of its fourth quarter and full year 2023 earnings release and investor conference call. Additional time is required to quantify, if any, the impact to income tax and net income from adjusting valuation allowance reserves in an international jurisdiction. No meaningful impact to revenue, adjusted EBITDA, or free cash flow is expected. FET expects to issue its fourth quarter and full year 2023 results and host its investor conference call around March 1, 2024.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its fourth quarter and full year 2023 earnings conference call at 10:00 a.m. Central Time on Tuesday, February 20, 2024. FET will issue a press release reporting its fourth quarter and full year 2023 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Sidoti Virtual Investor Conference on Wednesday, January 17, 2024 at 3:15 p.m. Eastern Time.

Forum Energy Technologies, Inc. (NYSEFET) today announced it has completed the acquisition of Variperm Energy Services (“Variperm”), a leading manufacturer of customized downhole technology solutions, providing sand and flow control products for heavy oil applications. Total consideration for the acquisition consisted of $150 million of cash and 2 million shares of FET’s common stock, subject to customary purchase price adjustments.

Forum Energy Technologies, Inc. (NYSEFET) today announced that it has received approval from the Canadian Competition Bureau to proceed with its planned acquisition of Variperm Energy Services.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, are scheduled to present at the Emerging Growth Conference on Thursday, December 7, 2023 at 12:35 p.m. Eastern Time.

Forum Energy Technologies, Inc. (NYSEFET) today announced the appointment of Ms. Leslie Beyer to its board of directors. Ms. Beyer will also serve as a member of the Nominating, Governance and Sustainability Committee.

Forum Energy Technologies, Inc. (NYSEFET) (“FET”) today announced that it has entered into a definitive agreement to acquire Variperm Energy Services (“Variperm”) for consideration of $150 million of cash and 2 million shares of FET’s common stock, reflecting a valuation of approximately 3.7x Variperm’s trailing twelve months EBITDA as of September 30, 2023. The transaction is expected to close in January 2024 and is subject to customary closing conditions and Canadian regulatory approval.

Forum Energy Technologies, Inc. (NYSEFET) today announced third quarter 2023 revenue of $179 million, a 3% sequential decrease. Orders increased 7% sequentially to $199 million, with a book-to-bill ratio of 111%. The third quarter 2023 net income was $8 million, or $0.77 per diluted share, compared to a net loss of $7 million, or $0.64 per diluted share, for the second quarter 2023.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its third quarter 2023 earnings conference call at 10:00 a.m. Central Time on Friday, November 3, 2023. FET will issue a press release reporting its third quarter 2023 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) announced today that Neal Lux, Chief Executive Officer and President, will present at the EnerCom Denver – The Energy Investment Conference. Mr. Lux’s presentation is scheduled for Tuesday, August 15, 2023 at 3:10 p.m. Mountain Time.

Forum Energy Technologies, Inc. (NYSEFET) today announced second quarter 2023 revenue of $185 million, an 8% year-over-year increase. Orders were $186 million, with a book-to-bill ratio of 100%. The second quarter 2023 net loss was $7 million, or $0.64 per diluted share, compared to a net loss of $3 million, or $0.34 per diluted share, for the first quarter 2023.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its second quarter 2023 earnings conference call at 10:00 a.m. Central Time on Friday, August 4, 2023. FET will issue a press release reporting its second quarter 2023 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced first quarter 2023 revenue of $189 million, a 22% year-over-year increase and a $2 million sequential decrease. Orders received were $179 million, with a book-to-bill ratio of 95%. The first quarter 2023 net loss was $4 million, or $0.34 per diluted share, compared to net loss of $13 million, or $2.22 per diluted share, for the fourth quarter 2022.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its first quarter 2023 earnings conference call at 10:00 a.m. Central Time on Friday, May 5, 2023. FET will issue a press release regarding its first quarter 2023 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) has been awarded an approximately $25 million contract to design, engineer, and supply four electrostatic desalter systems for an onshore project at the Safaniyah oil field, Kingdom of Saudi Arabia. The desalter systems will utilize FET’s EDGETM desalting technology, ForuMixTM high efficiency multiphase mixer technology, as well as in-house manufacturing capabilities at FET’s facility in Dammam, Saudi Arabia.

Forum Energy Technologies, Inc. (NYSEFET) today announced fourth quarter 2022 revenue of $191 million, a $9 million increase from the third quarter 2022. Orders received were $215 million, with a book-to-bill ratio of 113%. The fourth quarter net loss was $13 million, or $2.22 per diluted share, compared to net income of $17 million, or $1.82 per diluted share, for the third quarter 2022. Excluding $10 million, or $1.77 per share, for special items, adjusted net loss was $0.45 per diluted share, compared to an adjusted net loss of $0.25 per diluted share in the third quarter.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its fourth quarter and full year 2022 earnings conference call at 10:00 a.m. Central Standard Time on Tuesday, February 21, 2023. FET will issue a press release regarding its fourth quarter and full year 2022 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced the satisfaction of the mandatory conversion requirements under its 9.00% Convertible Senior Secured Notes due August 2025 (the “2025 Notes”). In connection with the conversion, $122.8 million or 47.8% of the 2025 Notes will convert into approximately 4.5 million shares of FET common stock on January 3, 2023, with a settlement date of January 5, 2023. The remaining approximately $134.2 million in aggregate principal of the 2025 Notes are not subject to any optional or further mandatory conversion provisions. FET’s annualized interest payments will decline by over $11 million following the conversion.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it has closed a sale of four manufacturing and distribution centers located in Texas and Louisiana. The properties will remain an integral part of FET’s operations strategy going forward. In connection with the sale, the Company entered into a long-term lease agreement. The net sales proceeds from the transaction totaled approximately $32 million.

Forum Energy Technologies, Inc. (NYSEFET) today announced third quarter 2022 revenue of $182 million, an increase of $10 million from the second quarter 2022. Net income for the quarter was $16.5 million, or $1.82 per diluted share, a sequential improvement of $7.2 million compared to net income of $9.3 million, or $1.15 per diluted share, for the second quarter 2022. Excluding special items, adjusted net loss was $0.25 per diluted share in the third quarter 2022. Adjusted EBITDA was $17.8 million in the third quarter 2022, a sequential increase of $2.3 million.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it has changed the date and time of its previously announced third quarter 2022 earnings conference call to 11:00 a.m. Central Standard Time on Wednesday, November 9, 2022. FET will issue a press release regarding its third quarter 2022 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its third quarter 2022 earnings conference call at 10:00 a.m. Central Standard Time on Friday, November 11, 2022. FET will issue a press release regarding its third quarter 2022 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced second quarter 2022 revenue of $172 million, an increase of $17 million from the first quarter 2022. Net income for the quarter was $9 million, or $1.15 per diluted share, compared to a net loss of $9 million, or $1.62 per diluted share, for the first quarter 2022. Excluding special items, adjusted net loss was $0.73 per diluted share in the second quarter 2022 compared to an adjusted net loss of $2.00 per diluted share in the first quarter 2022. Adjusted EBITDA was $15.5 million in the second quarter 2022, an increase of approximately $7 million from the first quarter 2022.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its second quarter 2022 earnings conference call at 10:00 AM CDT on Friday, August 5, 2022. Forum will issue a press release regarding its second quarter 2022 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced first quarter 2022 revenue of $155 million, an increase of $7 million from the fourth quarter 2021. Net loss for the quarter was $9 million, or $1.62 per diluted share, compared to a net loss of $20 million, or $3.46 per diluted share, for the fourth quarter 2021. Excluding special items, adjusted net loss was $2.00 per diluted share in the first quarter 2022 compared to an adjusted net loss of $2.23 per diluted share in the fourth quarter 2021. Adjusted EBITDA was $9 million in the first quarter 2022, an improvement of approximately $5 million from the fourth quarter 2021.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its first quarter 2022 earnings conference call at 10:00 AM CDT on Friday, May 6, 2022. Forum will issue a press release regarding its first quarter 2022 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced that fourth quarter 2021 operating results are expected to be below previously provided guidance levels. Results in the fourth quarter were negatively affected by further supply chain disruptions, which caused both revenue to be deferred and costs to increase. In addition, the company incurred excess logistics and freight costs in an effort to mitigate these supply chain disruptions. Also, medical benefit costs were higher than expected in the fourth quarter due to the direct and indirect effects of the COVID pandemic.

Forum Energy Technologies, Inc. (NYSEFET) today announced that as part of the company’s executive management succession planning process, its Board of Directors appointed Mr. Neal Lux as President and Chief Executive Officer, effective February 18, 2022. Mr. Lux currently serves as Executive Vice President and Chief Operating Officer. Mr. C. Christopher Gaut, the current Chairman, President and Chief Executive Officer, will become Executive Chairman at that time. The Board has also appointed Mr. Lux as a Class II director, effective February 18, 2022.

Forum Energy Technologies, Inc. (NYSEFET) today announced third quarter 2021 revenue of $141 million, an increase of $4 million from the second quarter 2021. Net loss for the quarter was $12 million, or $2.05 per diluted share, compared to a net loss of $22 million, or $3.87 per diluted share, for the second quarter 2021. Excluding special items, adjusted net loss was $2.25 per diluted share in the third quarter 2021 compared to an adjusted net loss of $2.66 per diluted share in the second quarter 2021. Adjusted EBITDA was $7 million in the third quarter 2021, an improvement of approximately $1 million from the second quarter 2021.

Forum Energy Technologies, Inc. (NYSEFET) today announced the appointment of Mr. Paul E. Rowsey III to its Board of Directors. Mr. Rowsey will also serve as a member of the Compensation Committee. In connection with Mr. Rowsey’s appointment, the Board increased its size to nine directors.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its third quarter 2021 earnings conference call at 10:00 AM CDT on Friday, November 5, 2021. Forum will issue a press release regarding its third quarter 2021 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced that it has entered into an amendment to its asset-based revolving credit facility (the “Credit Facility”). The key elements of the amendment include: (i) the maturity has been extended, subject to certain exceptions, to September 2026; (ii) the facility size has been reduced from $250 million to $179 million; and (iii) interest rates on borrowings outstanding under the Credit Facility were modified to LIBOR plus a margin of 2.25% to 2.75%, subject to the Company’s quarterly net leverage. Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A. and Bank of America, N.A. acted as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank, National Association will continue to act as the administrative agent. Zions Bancorporation, N.A. DBA Amegy Bank remained a lender under the Credit Facility.

Forum Energy Technologies, Inc. (NYSEFET) today announced second quarter 2021 revenue of $137 million, an increase of $23 million from the first quarter 2021. Net loss for the quarter was $22 million, or $3.87 per diluted share, compared to a net loss of $30 million, or $5.28 per diluted share, for the first quarter 2021. Excluding $7 million, or $1.21 per share of special items, adjusted net loss was $2.66 per diluted share in the second quarter 2021, compared to an adjusted net loss of $3.95 per diluted share in the first quarter 2021. Adjusted EBITDA was $7 million in the second quarter 2021, an improvement of approximately $5 million from the first quarter 2021.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its second quarter 2021 earnings conference call at 10:00 AM CDT on Friday, August 6, 2021. Forum will issue a press release regarding its second quarter 2021 earnings prior to the conference call.

Forum Energy Technologies, Inc. (NYSEFET) today announced the appointment of Dr. Emily Reichert, Ph.D. to its Board of Directors. Dr. Reichert will also serve as a member of the Nominating, Governance and Sustainability Committee. In connection with Dr. Reichert’s appointment, the Board increased its size to eight directors.

Forum Energy Technologies, Inc. (NYSEFET) today announced first quarter 2021 revenue of $115 million, an increase of $2 million from the fourth quarter 2020. Net loss for the quarter was $30 million, or $5.28 per diluted share, compared to a net loss of $33 million, or $5.85 per diluted share, for the fourth quarter 2020. Excluding $8 million, or $1.33 per share of special items, adjusted net loss was $3.95 per diluted share in the first quarter 2021, compared to an adjusted net loss of $4.80 per diluted share in the fourth quarter 2020. Adjusted EBITDA was $2 million in the first quarter 2021, an improvement of approximately $5 million from the fourth quarter 2020.

Forum Energy Technologies, Inc. (NYSEFET) announced today that it will host its first quarter 2021 earnings conference call at 10:00 AM CDT on Friday, May 7, 2021. Forum will issue a press release regarding its first quarter 2021 earnings prior to the conference call.