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Forum Energy Tech (FET)
NYSE:FET
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Earnings Data
Report Date
Feb 24, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.06Last Year’s EPS
-$1.02Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 31, 2024
|% Change Since: 1.65%
|Next Earnings Date:Feb 24, 2025
Earnings Call Sentiment|Positive
The earnings call presented a strong financial performance and strategic initiatives, such as debt refinancing and innovative product launches, that are improving FET's market position and financial health. However, challenges like the softening U.S. market and project delays in Canada present potential headwinds. Despite these challenges, the overall outlook remains positive, driven by strategic growth and strong international orders.Company Guidance
During the call, Forum Energy Technologies (FET) provided guidance on several key financial metrics. The company announced a $100 million senior secured bond offering aimed at paying off 2025 notes and a seller term loan, which will extend the maturity to 2028 and 2029, enhancing liquidity and providing an estimated $80 million of dry powder by year-end. FET raised its cash flow forecast for the second time in the year, projecting a range between $60 million and $70 million, translating to $4.90 to $5.70 per share. For the fourth quarter, FET expects revenue between $190 million and $210 million, and adjusted EBITDA in the range of $22 million to $26 million. Their full-year EBITDA guidance remains at $100 million to $110 million. Looking forward to 2025, FET anticipates U.S. drilling and completions activity might decline by 5%, with international demand remaining relatively flat to slightly up, though no specific financial outlook was provided at this time.Strengthened Financial Position
FET finalized a $100 million senior secured bond offering, allowing the company to pay off its 2025 notes and seller term loan, extending maturity to 2028 and 2029, and enhancing liquidity with an estimated $80 million of dry powder by year-end.
Increased Free Cash Flow and Guidance
FET generated $48 million in free cash flow for the first 9 months of 2024, raising full-year cash flow guidance to between $60 million and $70 million.
Record EBITDA Margins
FET reported EBITDA margins of 13% year-to-date, the strongest in nearly a decade, with third-quarter EBITDA up 55% year-over-year.
Innovative Product Launches
FET launched new products like Magna Guard for artificial lift and Unity, an operating system for remotely controlling ROVs, which are expected to enhance profitability and market share.
Strong International Orders
FET secured significant orders in the Middle East and Argentina, contributing to a 38% increase in drilling orders and expanding its market presence internationally.
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FET Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FET Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 31, 2024 | $13.98 | $13.96 | -0.14% |
| Aug 01, 2024 | $17.33 | $16.57 | -4.39% |
| May 02, 2024 | $19.39 | $18.51 | -4.54% |
| Feb 29, 2024 | $20.01 | $19.20 | -4.05% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Forum Energy Tech (FET) report earnings?
Forum Energy Tech (FET) is schdueled to report earning on Feb 24, 2025, TBA Not Confirmed.
What is Forum Energy Tech (FET) earnings time?
Forum Energy Tech (FET) earnings time is at Feb 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FET EPS forecast?
FET EPS forecast for the fiscal quarter 2024 (Q4) is $0.06.
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