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Mar 31, 2021
Forum Q1 2021 Earnings Report
Forum Energy Technologies announced results for the first quarter of 2021.
Key Takeaways
Forum Energy Technologies reported Q1 2021 revenue of $115 million, a net loss of $30 million, and adjusted EBITDA of $2 million. The company's inbound orders increased sequentially by approximately $24 million, resulting in a book-to-bill ratio above 1.2.
Revenue for Q1 2021 was $115 million, up $2 million from Q4 2020.
Net loss for Q1 2021 was $30 million, or $5.28 per diluted share.
Adjusted EBITDA was $2 million in Q1 2021, an improvement of approximately $5 million from Q4 2020.
Inbound orders increased sequentially by approximately $24 million, or 21%, resulting in a book-to-bill ratio above 1.2.
Forward Guidance
Given the increase in U.S. rig count that has already occurred in the second quarter and activity increases in international and non-oil and gas markets, our guide for second quarter revenue is between $125 and $135 million and EBITDA between $6 and $8 million. Based on the order flow we are receiving, we expect further revenue and EBITDA improvement in the second half 2021.
Positive Outlook
- Second quarter revenue is expected to be between $125 and $135 million.
- Second quarter EBITDA is expected to be between $6 and $8 million.
- Further revenue improvement is expected in the second half 2021.
- Further EBITDA improvement is expected in the second half 2021.
- U.S. rig count has already increased in the second quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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