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Mar 31, 2024
Forum Q1 2024 Earnings Report
Forum Energy Technologies' first quarter results in 2024 were announced, demonstrating a positive impact from the Variperm acquisition.
Key Takeaways
Forum Energy Technologies reported a revenue of $202 million, a 9% sequential increase, and orders of $204 million with a book-to-bill ratio of 101%. The company experienced a net loss of $10 million, or $0.85 per diluted share, but adjusted EBITDA increased by 69% sequentially to $26 million. They reaffirms full year 2024 guidance: $100 to $120 million in EBITDA and $40 to $60 million in free cash flow.
Revenue increased 9% sequentially to $202 million.
Orders grew 28% sequentially to $204 million, resulting in a book-to-bill ratio of 101%.
Adjusted EBITDA increased 69% sequentially to $26 million.
The company reaffirms full year 2024 guidance of $100 to $120 million in adjusted EBITDA and free cash flow between $40 and $60 million.
Revenue by Segment
Forward Guidance
Forum Energy Technologies reaffirms its full year 2024 guidance of $100 to $120 million in adjusted EBITDA and free cash flow between $40 and $60 million. They anticipate second quarter adjusted EBITDA in the range of $24 to $28 million, with flat U.S. and international market activity, and lower Canadian demand due to the seasonal impact of break up.
Positive Outlook
- Reaffirms full year 2024 guidance of $100 to $120 million in adjusted EBITDA.
- Reaffirms full year 2024 guidance of free cash flow between $40 and $60 million.
- Anticipates second quarter adjusted EBITDA in the range of $24 to $28 million.
- Expects flat U.S. market activity.
- Expects flat international market activity.
Challenges Ahead
- Anticipates lower Canadian demand due to the seasonal impact of break up.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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