Loading...
•
Jun 30, 2023
Forum Q2 2023 Earnings Report
Revenue increased by 8% year-over-year, with a net loss reported.
Key Takeaways
Forum Energy Technologies reported Q2 2023 revenue of $185 million, an 8% increase year-over-year. The company experienced a net loss of $7 million, with diluted EPS of negative $0.64. Orders totaled $186 million, resulting in a book-to-bill ratio of 100%.
Revenue reached $185 million, reflecting an 8% year-over-year increase.
Net loss amounted to $7 million, with a diluted EPS of negative $0.64.
Adjusted EBITDA was $17 million, marking a 12% increase year-over-year.
Orders totaled $186 million, achieving a book-to-bill ratio of 100%.
Forward Guidance
Forum Energy Technologies expects third quarter 2023 revenue to be between $180 to $200 million and adjusted EBITDA to be between $16 to $20 million. For the full year, the company expects adjusted EBITDA to be around $80 million and free cash flow of $20 million.
Positive Outlook
- International and offshore markets are forecasted to continue their growth trajectory.
- FET bookings and revenue are expected to follow a similar path.
- Anticipate a rebound in U.S. activity following a soft second quarter.
- Expect adjusted EBITDA to be around $80 million for the full year.
- Second half 2023 free cash flow of approximately $50 million.
Challenges Ahead
- The timing of U.S. recovery remains uncertain.
- Projected 2023 global activity is now lower than previous expectations.
- Net loss amounted to $7 million.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...