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Sep 30, 2022
Forum Q3 2022 Earnings Report
Announced third quarter 2022 results, showing revenue increase and improved profitability.
Key Takeaways
Forum Energy Technologies reported a 6% sequential increase in revenue to $182 million. Net income was $16.5 million, with diluted EPS of $1.82. Adjusted EBITDA reached $17.8 million, a 15% sequential increase. The company confirmed its full-year 2022 Adjusted EBITDA guidance at the top end of the $50 to $60 million range.
Revenue reached $182 million, a 6% sequential increase.
Orders totaled $198 million with a book-to-bill ratio of 1.09.
Net income was $16.5 million, and diluted EPS was $1.82.
Adjusted EBITDA increased to $17.8 million, a 15% sequential rise.
Forward Guidance
The company expects second half 2022 free cash flow to be between $30 and $40 million and full year Adjusted EBITDA to be near the top end of the $50 to $60 million guidance range.
Positive Outlook
- Conditions and activity within FET’s operating markets continue to strengthen.
- Seeing demand growth for differentiated portfolio of consumable and capital products.
- Demand is driven by increasing U.S., international, and offshore activity.
- Expect further revenue growth.
- Expect margin expansion and free cash flow generation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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