Loading...
•
Sep 30, 2023
Forum Q3 2023 Earnings Report
Reported third quarter 2023 results with revenue of $179 million and net income of $8 million.
Key Takeaways
Forum Energy Technologies reported third quarter 2023 revenue of $179 million, a 3% sequential decrease. Net income was $8 million, or $0.77 per diluted share. Orders increased 7% sequentially to $199 million, with a book-to-bill ratio of 111%.
Revenue was $179 million.
Net income reached $8 million, with diluted EPS at $0.77.
Orders increased to $199 million, resulting in a book-to-bill ratio of 111%.
Free cash flow was $24 million.
Forward Guidance
For the fourth quarter, the company anticipates global activity to remain relatively flat with the third quarter and forecasts revenue and adjusted EBITDA to be in the ranges of $170 to $190 million and $15 to $19 million, respectively. For the full year, adjusted EBITDA is expected to be around $70 million and anticipates delivering strong free cash flow at the previous guidance of $50 million for the back half of 2023.
Positive Outlook
- Global activity is expected to remain relatively flat with the third quarter.
- Forecasts revenue to be in the range of $170 to $190 million.
- Adjusted EBITDA is expected to be in the range of $15 to $19 million.
- Full year adjusted EBITDA is expected to be around $70 million.
- Anticipates delivering strong free cash flow at $50 million for the back half of 2023.
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...