- Revenue: $202 million, 9% sequential increase
- Orders: $204 million and book-to-bill ratio of 101%
- Net loss: $10 million and diluted EPS of $0.85
- Adjusted EBITDA: $26 million, 69% sequential
increase
- Operating cash flow and free cash flow: $5 million and $2
million, respectively
- Reaffirms full year 2024 guidance: $100 to $120 million in
EBITDA and $40 to $60 million in free cash flow
Forum Energy Technologies, Inc. (NYSE: FET) today announced
first quarter 2024 revenue of $202 million, a 9% sequential
increase. Orders grew 28% sequentially to $204 million, with a
book-to-bill ratio of 101%. The first quarter 2024 net loss was $10
million, or $0.85 per diluted share, compared to a net loss of $17
million, or $1.64 per diluted share, for the fourth quarter
2023.
First quarter 2024 special items, on a pre-tax basis, included
$6 million of transaction expenses related to the Variperm
acquisition, $2 million of restructuring and other costs, and $1
million of foreign exchange loss. Excluding special items of $0.73
per diluted share, the quarter's adjusted net loss was $0.12 per
diluted share compared to the fourth quarter 2023 adjusted net loss
of $0.39 per diluted share. See Tables 1-3 for a reconciliation of
GAAP to non-GAAP financial information.
In the first quarter 2024, following the Variperm acquisition,
we aligned our reportable segments with business activity drivers,
our customer base, and the manner in which we review and evaluate
operating performance. FET now operates in the following two
reportable segments: (1) Drilling and Completions and (2)
Artificial Lift and Downhole. Please see the attached supplemental
schedules for the product lines making up each segment. Our
historical results of operations were recast retrospectively to
reflect these changes in accordance with U.S. GAAP.
Neal Lux, President and Chief Executive Officer, remarked, “This
quarter our financial results demonstrate Variperm’s
transformational impact. Sequentially, we grew revenue 9%,
increased EBITDA 69% and expanded EBITDA margins by 460 basis
points.
“The integration of Variperm is going well. Variperm’s first
quarter results were generally in line with our expectations, but
slightly lower than the historical run rate. As outlined in
February, we forecast a softer Canadian market in the first half of
2024, driven by uncertainty with the Trans Mountain Express
pipeline and seasonal break up. However, we anticipate stronger oil
sands activity in the back half of the year.
“We increased free cash flow by $26 million on a year-over-year
basis through Variperm’s contribution and working capital
management. Generating free cash flow remains a top priority. In
addition to reducing net leverage, it provides flexibility to
evaluate further growth options and return cash to
shareholders.
“Our 2024 market outlook remains unchanged. Therefore, we
reaffirm our full year 2024 guidance of $100 to $120 million in
adjusted EBITDA and free cash flow between $40 and $60 million. We
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.”
Segment Results (unless
otherwise noted, comparisons are first quarter 2024 versus fourth
quarter 2023)
Drilling and Completions segment revenue was $119 million, a 6%
decrease, primarily related to two ROV projects completed in the
fourth quarter 2023, lower demand for drilling capital equipment,
and decreased international coiled tubing sales. However, sales for
stimulation-related capital equipment, treating iron, and wireline
cables increased during the quarter. Orders were $117 million, a 2%
increase, primarily due to drilling and hydraulic fracturing
demand. Segment adjusted EBITDA was $14 million, a 13% increase,
resulting from favorable product mix. The Drilling and Completions
segment operations focus primarily on capital equipment and
consumable products for global drilling operations, subsea, coiled
tubing, wireline, and stimulation markets.
Artificial Lift and Downhole segment revenue was $83 million, a
42% increase, related to revenue contributed from the acquired
Variperm business and an increase in artificial lift and casing
equipment sales, partially offset by a decline in sales of our
processing equipment and valve products. Orders were $88 million, a
89% increase, primarily related to the addition of Variperm and
increased production equipment bookings. Segment Adjusted EBITDA
was $18 million, a 107% increase, mainly due to revenue contributed
from the acquired Variperm business. The Artificial Lift and
Downhole segment engineers, manufactures, and supplies products for
well construction, artificial lift, and oil and natural gas
processing.
FET (Forum Energy Technologies) is a global manufacturing
company, serving the oil, natural gas, industrial and renewable
energy industries. With headquarters located in Houston, Texas, FET
provides value added solutions aimed at improving the safety,
efficiency, and environmental impact of our customers' operations.
For more information, please visit www.f-e-t.com.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the company, including any statement about the
company's future financial position, liquidity and capital
resources, operations, performance, acquisitions, returns, capital
expenditure budgets, new product development activities, costs and
other guidance included in this press release.
These statements are based on certain assumptions made by the
company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. Among other
things, these include the volatility of oil and natural gas prices,
oilfield development activity levels, the availability of raw
materials and specialized equipment, the company's ability to
deliver backlog in a timely fashion, the availability of skilled
and qualified labor, competition in the oil and natural gas
industry, governmental regulation and taxation of the oil and
natural gas industry, the company's ability to implement new
technologies and services, the availability and terms of capital,
and uncertainties regarding environmental regulations or litigation
and other legal or regulatory developments affecting the company's
business, and other important factors that could cause actual
results to differ materially from those projected as described in
the company's filings with the U.S. Securities and Exchange
Commission.
Any forward-looking statement speaks only as of the date on
which such statement is made and the company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Three months ended
March 31,
December 31,
(in millions, except per share
information)
2024
2023
2023
Revenue
$
202.4
$
189.0
$
185.2
Cost of sales
138.6
136.9
135.5
Gross profit
63.8
52.1
49.7
Operating expenses
Selling, general and administrative
expenses
54.7
45.5
45.0
Transaction expenses
5.9
—
2.9
Gain on disposal of assets and other
—
(0.3
)
—
Total operating expenses
60.6
45.2
47.9
Operating income
3.2
6.9
1.8
Other expense
Interest expense
8.8
4.5
4.6
Foreign exchange losses and other, net
1.2
3.1
9.1
Total other expense
10.0
7.6
13.7
Loss before income taxes
(6.8
)
(0.7
)
(11.9
)
Income tax expense
3.5
2.8
4.9
Net income (loss) (1)
$
(10.3
)
$
(3.5
)
$
(16.8
)
Weighted average shares
outstanding
Basic
12.2
10.2
10.2
Diluted
12.2
10.2
10.2
Loss per share
Basic
$
(0.85
)
$
(0.34
)
$
(1.64
)
Diluted
$
(0.85
)
$
(0.34
)
$
(1.64
)
(1) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated balance
sheets
(Unaudited)
March 31,
December 31,
(in millions of dollars)
2024
2023
Assets
Current assets
Cash and cash equivalents
$
48.5
$
46.2
Accounts receivable—trade, net
162.0
146.7
Inventories, net
303.0
299.6
Other current assets
33.3
37.1
Total current assets
546.8
529.6
Property and equipment, net of accumulated
depreciation
87.7
61.4
Operating lease assets
54.8
55.4
Goodwill and other intangible assets,
net
324.6
168.0
Other long-term assets
7.5
6.7
Total assets
$
1,021.4
$
821.1
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
5.2
$
1.2
Other current liabilities
187.9
203.1
Total current liabilities
193.1
204.3
Long-term debt, net of current portion
282.3
129.6
Other long-term liabilities
99.8
74.5
Total liabilities
575.2
408.4
Total equity
446.2
412.7
Total liabilities and equity
$
1,021.4
$
821.1
Forum Energy Technologies,
Inc.
Condensed consolidated cash
flow information
(Unaudited)
Three Months Ended March
31,
(in millions of dollars)
2024
2023
Cash flows from operating
activities
Net loss
$
(10.3
)
$
(3.5
)
Depreciation and amortization
13.8
8.7
Inventory write down
0.5
0.9
Other noncash items and changes in working
capital
1.0
(29.2
)
Net cash provided by (used in)
operating activities
5.0
(23.1
)
Cash flows from investing
activities
Capital expenditures for property and
equipment
(2.9
)
(1.1
)
Proceeds from sale of property and
equipment
0.2
0.3
Payments related to business
acquisition
(150.1
)
—
Net cash used in investing
activities
(152.8
)
(0.8
)
Cash flows from financing
activities
Borrowings of debt
304.8
119.4
Repayments of debt
(148.8
)
(94.7
)
Repurchases of stock
(1.2
)
(5.4
)
Deferred financing costs
(3.0
)
—
Net cash provided by financing
activities
151.8
19.3
Effect of exchange rate changes on
cash
(1.7
)
0.3
Net increase (decrease) in cash, cash
equivalents and restricted cash
$
2.3
$
(4.3
)
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in millions of dollars)
March 31, 2024
March 31, 2023
December 31, 2023
March 31, 2024
March 31, 2023
December 31, 2023
Revenue
Drilling and Completions
$
119.1
$
126.8
$
126.6
$
119.1
$
126.8
$
126.6
Artificial Lift and Downhole
83.3
62.2
58.6
83.3
62.2
58.6
Eliminations
—
—
—
—
—
—
Total revenue
$
202.4
$
189.0
$
185.2
$
202.4
$
189.0
$
185.2
Operating income (loss)
Drilling and Completions
$
4.6
$
5.0
$
4.0
$
5.8
$
5.9
$
4.7
Operating Margin %
3.9
%
3.9
%
3.2
%
4.9
%
4.7
%
3.7
%
Artificial Lift and Downhole
11.8
8.6
7.4
11.7
8.6
7.4
Operating Margin %
14.2
%
13.8
%
12.6
%
14.0
%
13.8
%
12.6
%
Corporate
(7.3
)
(7.0
)
(6.7
)
(6.9
)
(6.8
)
(6.7
)
Total segment operating income
9.1
6.6
4.7
10.6
7.7
5.4
Other items not in segment operating
income (1)
(5.9
)
0.3
(2.9
)
0.1
0.3
—
Total operating income
$
3.2
$
6.9
$
1.8
$
10.7
$
8.0
$
5.4
Operating Margin %
1.6
%
3.7
%
1.0
%
5.3
%
4.2
%
2.9
%
EBITDA (2)
Drilling and Completions
$
13.1
$
9.5
$
3.8
$
13.7
$
13.5
$
12.1
EBITDA Margin %
11.0
%
7.5
%
3.0
%
11.5
%
10.6
%
9.6
%
Artificial Lift and Downhole
17.7
10.1
8.5
18.0
10.1
8.7
EBITDA Margin %
21.2
%
16.2
%
14.5
%
21.6
%
16.2
%
14.8
%
Corporate
(15.0
)
(7.1
)
(10.9
)
(5.6
)
(5.9
)
(5.4
)
Total EBITDA
$
15.8
$
12.5
$
1.4
$
26.1
$
17.7
$
15.4
EBITDA Margin %
7.8
%
6.6
%
0.8
%
12.9
%
9.4
%
8.3
%
(1) Includes gain/(loss) on disposal of
assets and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule - Orders
information
(Unaudited)
Three months ended
(in millions of dollars)
March 31, 2024
March 31, 2023
December 31, 2023
Orders
Drilling and Completions
$
116.6
$
121.3
$
113.8
Artificial Lift and Downhole
87.8
57.6
46.5
Total orders
$
204.4
$
178.9
$
160.3
Revenue
Drilling and Completions
$
119.1
$
126.8
$
126.6
Artificial Lift and Downhole
83.3
62.2
58.6
Total revenue
$
202.4
$
189.0
$
185.2
Book to bill ratio (1)
Drilling and Completions
0.98
0.96
0.90
Artificial Lift and Downhole
1.05
0.93
0.79
Total book to bill ratio
1.01
0.95
0.87
(1) The book-to-bill ratio is calculated
by dividing the dollar value of orders received in a given period
by the revenue earned in that same period. The Company believes
that this ratio is useful to investors because it provides an
indication of whether the demand for our products is strengthening
or declining. A ratio of greater than one is indicative of
improving market demand, while a ratio of less than one would
suggest weakening demand. In addition, the Company believes the
book-to-bill ratio provides more meaningful insight into future
revenues for our business than other measures, such as order
backlog, because the majority of the Company's products are
activity based consumable items or shorter cycle capital equipment,
neither of which are typically ordered by customers far in
advance.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 1 - Adjusting
items
Three months ended
March 31, 2024
March 31, 2023
December 31, 2023
(in millions, except per share
information)
Operating income
EBITDA(1)
Net income (loss)
Operating income
EBITDA(1)
Net income (loss)
Operating income
EBITDA(1)
Net income (loss)
As reported
$
3.2
$
15.8
$
(10.3
)
$
6.9
$
12.5
$
(3.5
)
$
1.8
$
1.4
$
(16.8
)
% of revenue
1.6
%
7.8
%
3.7
%
6.6
%
1.0
%
0.8
%
Restructuring, transaction and other
costs
1.6
1.6
1.6
1.1
1.1
1.1
0.7
0.7
0.7
Transaction expenses
5.9
5.9
5.9
—
—
—
2.9
2.9
2.9
Loss (gain) on foreign exchange, net
(2)
—
1.3
1.3
—
3.3
3.3
—
9.2
9.2
Stock-based compensation expense
—
1.5
—
—
0.8
—
—
1.2
—
As adjusted (1)
$
10.7
$
26.1
$
(1.5
)
$
8.0
$
17.7
$
0.9
$
5.4
$
15.4
$
(4.0
)
% of revenue
5.3
%
12.9
%
4.2
%
9.4
%
2.9
%
8.3
%
Diluted shares outstanding as reported
12.2
10.2
10.2
Diluted shares outstanding as adjusted
12.2
10.2
10.2
Diluted EPS - as reported
$
(0.85
)
$
(0.34
)
$
(1.64
)
Diluted EPS - as adjusted
$
(0.12
)
$
0.09
$
(0.39
)
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 2 - Adjusting
Items
Three months ended
(in millions of dollars)
March 31, 2024
March 31, 2023
December 31, 2023
EBITDA reconciliation (1)
Net loss
$
(10.3
)
$
(3.5
)
$
(16.8
)
Interest expense
8.8
4.5
4.6
Depreciation and amortization
13.8
8.7
8.7
Income tax expense
3.5
2.8
4.9
EBITDA
$
15.8
$
12.5
$
1.4
(1) The Company believes adjusted EBITDA
is useful to investors because it is an appropriate measure of
evaluating operating performance and liquidity. It reflects the
resources available for strategic opportunities including, among
others, investing in the business, strengthening the balance sheet,
repurchasing the Company’s securities, and making strategic
acquisitions. In addition, adjusted EBITDA is a widely used
benchmark in the investment community.
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 3 - Adjusting
items
Three months ended
(in millions of dollars)
March 31, 2024
March 31, 2023
December 31, 2023
Free cash flow, before acquisitions,
reconciliation (1)
Net cash provided by (used in) operating
activities
$
5.0
$
(23.1
)
$
11.3
Capital expenditures for property and
equipment
(2.9
)
(1.1
)
(2.4
)
Proceeds from sale of property and
equipment
0.2
0.3
—
Free cash flow, before acquisitions
$
2.3
$
(23.9
)
$
8.9
(1) The Company believes free cash flow,
before acquisitions is an important measure because it encompasses
both profitability and capital management in evaluating
results.
Forum Energy Technologies,
Inc.
Supplemental schedule -
Product line revenue
(Unaudited)
Three months ended
(in millions of dollars)
March 31, 2024
March 31, 2023
December 31, 2023
Revenue
$
%
$
%
$
%
Drilling
$
36.5
17.9
%
$
40.4
21.4
%
$
41.6
22.5
%
Subsea
21.8
10.8
%
12.8
6.8
%
27.6
14.9
%
Stimulation and Intervention
38.6
19.1
%
47.3
25.0
%
32.1
17.3
%
Coiled Tubing
22.2
11.0
%
26.3
13.9
%
25.3
13.7
%
Drilling and Completions
119.1
58.8
%
126.8
67.1
%
126.6
68.4
%
Downhole
52.2
25.8
%
23.2
12.3
%
21.7
11.7
%
Production Equipment
18.5
9.1
%
19.9
10.5
%
22.7
12.3
%
Valve Solutions
12.6
6.3
%
19.1
10.1
%
14.2
7.6
%
Artificial Lift and Downhole
83.3
41.2
%
62.2
32.9
%
58.6
31.6
%
Eliminations
—
—
%
—
—
%
—
—
%
Total revenue
$
202.4
100.0
%
$
189.0
100.0
%
$
185.2
100.0
%
Forum Energy Technologies,
Inc.
Supplemental schedule - 2023
segment information provided for segment change
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in millions of dollars)
December 31, 2023
September 30,
2023
June 30, 2023
March 31, 2023
December 31, 2023
September 30,
2023
June 30, 2023
March 31, 2023
Revenue
Drilling and Completions
$
126.6
$
118.9
$
130.3
$
126.8
$
126.6
$
118.9
$
130.3
$
126.8
Artificial Lift and Downhole
58.6
60.4
55.1
62.2
58.6
60.4
55.1
62.2
Eliminations
—
—
—
—
—
—
—
—
Total revenue
$
185.2
$
179.3
$
185.4
$
189.0
$
185.2
$
179.3
$
185.4
$
189.0
Operating income (loss)
Drilling and Completions
$
4.0
$
3.8
$
6.6
$
5.0
$
4.7
$
3.7
$
6.6
$
5.9
Operating Margin %
3.2
%
3.2
%
5.1
%
3.9
%
3.7
%
3.1
%
5.1
%
4.7
%
Artificial Lift and Downhole
7.4
8.5
7.0
8.6
7.4
8.8
7.2
8.6
Operating Margin %
12.6
%
14.1
%
12.7
%
13.8
%
12.6
%
14.6
%
13.1
%
13.8
%
Corporate
(6.7
)
(6.8
)
(6.7
)
(7.0
)
(6.7
)
(6.3
)
(6.6
)
(6.8
)
Total segment operating income
4.7
5.5
6.9
6.6
5.4
6.2
7.2
7.7
Other items not in segment operating
income (1)
(2.9
)
0.2
(0.5
)
0.3
—
0.2
0.3
0.3
Total operating income
$
1.8
$
5.7
$
6.4
$
6.9
$
5.4
$
6.4
$
7.5
$
8.0
Operating Margin %
1.0
%
3.2
%
3.5
%
3.7
%
2.9
%
3.6
%
4.0
%
4.2
%
EBITDA (2)
Drilling and Completions
$
3.8
$
18.4
$
8.4
$
9.5
$
12.1
$
11.6
$
13.7
$
13.5
EBITDA Margin %
3.0
%
15.5
%
6.4
%
7.5
%
9.6
%
9.8
%
10.5
%
10.6
%
Artificial Lift and Downhole
8.5
10.2
7.4
10.1
8.7
10.1
8.6
10.1
EBITDA Margin %
14.5
%
16.9
%
13.4
%
16.2
%
14.8
%
16.7
%
15.6
%
16.2
%
Corporate
(10.9
)
(5.7
)
(7.3
)
(7.1
)
(5.4
)
(5.1
)
(4.9
)
(5.9
)
Total EBITDA
$
1.4
$
22.9
$
8.5
$
12.5
$
15.4
$
16.6
$
17.4
$
17.7
EBITDA Margin %
0.8
%
12.8
%
4.6
%
6.6
%
8.3
%
9.3
%
9.4
%
9.4
%
(1) Includes gain/(loss) on disposal of
assets and other.
(2) The Company believes that the
presentation of EBITDA is useful to the Company's investors because
EBITDA is an appropriate measure for evaluating the Company's
operating performance and liquidity that reflects the resources
available for strategic opportunities including, among others,
investing in the business, strengthening the balance sheet,
repurchasing the Company's securities and making strategic
acquisitions. In addition, EBITDA is a widely used benchmark in the
investment community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(3) Refer to [Supplemental schedule - 2023
adjusting items provided for segment change.]
Forum Energy Technologies,
Inc.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Supplemental schedule - 2023
adjusting items provided for segment change
Three months ended
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
1.8
$
1.4
$
(16.8
)
$
5.7
$
22.9
$
8.0
$
6.4
$
8.5
$
(6.6
)
$
6.9
$
12.5
$
(3.5
)
% of revenue
1.0
%
0.8
%
3.2
%
12.8
%
3.5
%
4.6
%
3.7
%
6.6
%
Restructuring, transaction and other
costs
0.7
0.7
0.7
0.8
0.8
0.8
1.5
1.5
1.5
1.1
1.1
1.1
Transaction expenses
2.9
2.9
2.9
—
—
—
—
—
—
—
—
—
Inventory and other working capital
adjustments
—
—
—
(0.1
)
(0.1
)
(0.1
)
(0.4
)
(0.4
)
(0.4
)
—
—
—
Loss (gain) on foreign exchange, net
(2)
—
9.2
9.2
—
(8.2
)
(8.2
)
—
6.5
6.5
—
3.3
3.3
Stock-based compensation expense
—
1.2
—
—
1.2
—
—
1.3
—
—
0.8
—
As adjusted (1)
$
5.4
$
15.4
$
(4.0
)
$
6.4
$
16.6
$
0.5
$
7.5
$
17.4
$
1.0
$
8.0
$
17.7
$
0.9
% of revenue
2.9
%
8.3
%
3.6
%
9.3
%
4.0
%
9.4
%
4.2
%
9.4
%
Diluted shares outstanding as reported
10.2
10.4
10.2
10.2
Diluted shares outstanding as adjusted
10.2
10.4
10.2
10.2
Diluted EPS - as reported
$
(1.64
)
$
0.77
$
(0.64
)
$
(0.34
)
Diluted EPS - as adjusted
$
(0.39
)
$
0.05
$
0.10
$
0.09
(1) The Company believes that the
presentation of EBITDA, adjusted EBITDA, adjusted operating loss,
adjusted net loss and adjusted diluted EPS are useful to the
Company's investors because (i) each of these financial metrics are
useful to investors to assess and understand operating performance,
especially when comparing those results with previous and
subsequent periods or forecasting performance for future periods,
primarily because management views the excluded items to be outside
of the Company's normal operating results and (ii) EBITDA is an
appropriate measure of evaluating the company's operating
performance and liquidity that reflects the resources available for
strategic opportunities including, among others, investing in the
business, strengthening the balance sheet, repurchasing the
Company's securities and making strategic acquisitions. In
addition, these benchmarks are widely used in the investment
community. See the attached separate schedule for the
reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily
relates to cash and receivables denominated in U.S. dollars by some
of our non-U.S. subsidiaries that report in a local currency, and
therefore the loss (gain) has no economic impact in dollar
terms.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502015037/en/
Rob Kukla Director of Investor Relations 281.994.3763
rob.kukla@f-e-t.com
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