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Mar 31, 2022
Forum Q1 2022 Earnings Report
Forum Energy Technologies reported first quarter results with sequential revenue increase.
Key Takeaways
Forum Energy Technologies reported Q1 2022 revenue of $155 million, a 5% increase sequentially. The company's net loss was $9 million, or $1.62 per diluted share. Adjusted EBITDA was $9 million, a sequential increase of $5 million, or 112%.
Revenue of $155 million, a 5% sequential increase
Orders of $165 million and book-to-bill ratio of 1.06
Net loss of $9 million and diluted EPS of negative $1.62
Adjusted EBITDA of $9 million, a sequential increase of $5 million, or 112%
Forward Guidance
The company forecasts second quarter revenue to be between $160 and $170 million, and adjusted EBITDA of $11 to $14 million. On a full year basis, the company continues to expect adjusted EBITDA of $50 to $60 million.
Positive Outlook
- Anticipate backlog and continued order growth will further improve revenue and EBITDA.
- Consumable businesses will benefit from increased drilling and completions activity.
- Customers‘ underinvestment in capital equipment since 2014 has reduced the capacity of the oilfield service industry.
- Significant increases in activity will require additional capital spending by domestic and international customers.
- Higher revenues for FET and rapid profit growth due to strong operating leverage and net price increases.
Challenges Ahead
- Severity and duration of the COVID-19 pandemic and related repercussions resulting from the negative impact on demand for oil and natural gas
- Volatility of oil and natural gas prices
- Oilfield development activity levels
Historical Earnings Impact
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Avg. Return Before/After Earnings
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