- Revenue: $208 million, a 16% year-over-year
increase
- Orders: $206 million and book-to-bill of 99%
- Net loss: $15 million, or $1.20 per diluted share
- Adjusted EBITDA: $26 million, up 55%
year-over-year
- Operating cash flow and free cash flow: $26 million and $25
million, respectively
- Raises 2024 full year free cash flow guidance: $60 to $70
million
Forum Energy Technologies, Inc. (NYSE: FET) today announced
third quarter 2024 revenue of $208 million, a 1% sequential
increase. Orders increased 14% sequentially to $206 million, with a
book-to-bill ratio of 99%. The third quarter 2024 net loss was $15
million, or $1.20 per diluted share, compared to a second quarter
net loss of $7 million, or $0.54 per diluted share. The adjusted
net loss for the quarter was $2 million, or $0.19 per diluted
share, compared to the second quarter 2024 adjusted net loss of
$0.07 per diluted share.1
Neal Lux, President and Chief Executive Officer, remarked, “FET
will significantly bolster our balance sheet upon closing the
recently announced offering of $100 million, 10.5% Senior Secured
Bonds. Net proceeds and cash on hand will fully retire existing
long-term debt and extend the maturity of our bonds to November
2029. We expect this transaction to enhance our ability to further
reduce indebtedness, return cash to shareholders, and pursue
strategic M&A opportunities.
“In addition, FET continues to deliver strong financial results.
Our year-over-year revenue and adjusted EBITDA growth reflects the
benefits of the Variperm acquisition. Furthermore, third quarter
bookings increased 14% on strong demand for our capital equipment
from Middle Eastern customers. Finally, our cash flow focus is
paying off. During the quarter, we generated free cash flow of $25
million, up 14% from the prior quarter. Through the third quarter,
FET delivered $48 million of free cash flow, which is nearly within
our previous full-year guidance range. Given these strong results,
we are raising our full year 2024 free cash flow guidance to
between $60 and $70 million.
“Commodity prices remain volatile, driven by Middle East unrest,
lower demand in China, and OPEC+ supply uncertainty. In the U.S.,
we expect oil and gas operators to remain disciplined with their
capital budgets and production targets. Service company efficiency
gains, enabled through the utilization of products supplied by
manufacturers like FET, have accelerated planned 2024 drilling and
completions activity. Therefore, we are forecasting budget
exhaustion to moderate U.S. demand at year end. However, we expect
this impact to be partially mitigated with international activity.
Based on these dynamics, we expect fourth quarter 2024 revenue and
adjusted EBITDA in the ranges of $190 to $210 million and $22 to
$26 million, respectively.”
________________________________
1 See Tables 1-6 for a reconciliation of
GAAP to non-GAAP financial information, including a breakdown of
adjusting items.
Segment Results (unless otherwise noted, comparisons
are third quarter 2024 versus second quarter 2024)
Drilling and Completions segment revenue was $124 million, a 6%
increase, primarily related to higher project revenue recognized
from ROVs, launch and recovery systems and wireline cable,
partially offset by lower power end and hose sales. Orders were
$130 million, an 18% increase, primarily due to international
drilling-related capital equipment and handling tools demand.
Segment adjusted EBITDA was $15 million, a 26% increase, resulting
from higher revenue and favorable product mix. The Drilling and
Completions segment focuses 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 $84 million, a
5% decrease, primarily related to the decline in sales of casing
hardware and valve products. Orders were $76 million, a 9%
increase, due to elevated Production Equipment orders. Segment
adjusted EBITDA was $17 million, a 12% decrease, mainly due to
lower sales volumes within the Downhole and Production Equipment
product lines. 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
September 30,
June 30,
(in millions, except per share
information)
2024
2023
2024
Revenue
$
207.8
$
179.3
$
205.2
Cost of sales
142.1
128.3
142.1
Gross profit
65.7
51.0
63.1
Operating expenses
Selling, general and administrative
expenses
56.3
45.5
53.7
Transaction expenses
0.6
—
1.2
Loss (gain) on disposal of assets and
other
(0.1
)
(0.2
)
0.3
Total operating expenses
56.8
45.3
55.2
Operating income
8.9
5.7
7.9
Other expense (income)
Interest expense
7.7
4.5
8.7
Loss on extinguishment of debt
1.8
—
0.5
Foreign exchange losses (gains) and other,
net
9.6
(8.2
)
2.9
Total other (income) expense, net
19.1
(3.7
)
12.1
Income (loss) before income
taxes
(10.2
)
9.4
(4.2
)
Income tax expense
4.6
1.4
2.5
Net income (loss) (1)
$
(14.8
)
$
8.0
$
(6.7
)
Weighted average shares
outstanding
Basic
12.3
10.2
12.3
Diluted
12.3
10.4
12.3
Earnings (loss) per share
Basic
$
(1.20
)
$
0.78
$
(0.54
)
Diluted
$
(1.20
)
$
0.77
$
(0.54
)
(1) Refer to Table 1 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated
statements of income (loss)
(Unaudited)
Nine months ended
September 30,
(in millions, except per share
information)
2024
2023
Revenue
$
615.4
$
553.7
Cost of sales
422.8
399.3
Gross profit
192.6
154.4
Operating expenses
Selling, general and administrative
expenses
164.7
135.4
Transaction expenses
7.7
—
Loss on disposal of assets and other
0.1
0.1
Total operating expenses
172.5
135.5
Operating income
20.1
18.9
Other expense
Interest expense
25.1
13.7
Loss on extinguishment of debt
2.3
—
Foreign exchange losses and other, net
13.9
1.1
Total other expense
41.3
14.8
Income (loss) before income
taxes
(21.2
)
4.1
Income tax expense
10.6
6.2
Net income (loss) (1)
$
(31.8
)
$
(2.1
)
Weighted average shares
outstanding
Basic
12.3
10.2
Diluted
12.3
10.2
Loss per share
Basic
$
(2.59
)
$
(0.21
)
Diluted
$
(2.59
)
$
(0.21
)
(1) Refer to Table 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Condensed consolidated balance
sheets
(Unaudited)
September 30,
December 31,
(in millions of dollars)
2024
2023
Assets
Current assets
Cash and cash equivalents
$
33.3
$
46.2
Accounts receivable—trade, net
163.1
146.7
Inventories, net
286.9
299.6
Other current assets
40.4
37.1
Total current assets
523.7
529.6
Property and equipment, net of accumulated
depreciation
83.4
61.4
Operating lease assets
54.1
55.4
Goodwill and other intangible assets,
net
307.9
168.0
Other long-term assets
4.6
6.7
Total assets
$
973.7
$
821.1
Liabilities and equity
Current liabilities
Current portion of long-term debt
$
69.4
$
1.2
Other current liabilities
201.6
203.1
Total current liabilities
271.0
204.3
Long-term debt, net of current portion
162.2
129.6
Other long-term liabilities
97.0
74.5
Total liabilities
530.2
408.4
Total equity
443.5
412.7
Total liabilities and equity
$
973.7
$
821.1
Forum Energy Technologies,
Inc.
Condensed consolidated cash
flow information
(Unaudited)
Nine months ended September
30,
(in millions of dollars)
2024
2023
Cash flows from operating
activities
Net loss
$
(31.8
)
$
(2.1
)
Depreciation and amortization
41.6
26.0
Inventory write down
3.3
1.9
Loss on extinguishment of debt
2.3
—
Other noncash items and changes in working
capital
38.3
(28.9
)
Net cash provided by (used in)
operating activities
53.7
(3.1
)
Cash flows from investing
activities
Capital expenditures for property and
equipment
(5.7
)
(5.5
)
Proceeds from sale of property and
equipment
0.2
1.3
Payments related to business
acquisition
(150.4
)
—
Net cash used in investing
activities
(155.9
)
(4.2
)
Cash flows from financing
activities
Borrowings of debt
628.0
351.6
Repayments of debt
(534.4
)
(352.5
)
Repurchases of stock
—
(3.5
)
Payment of withheld taxes on stock-based
compensation plans
(1.1
)
(2.5
)
Deferred financing costs
(3.1
)
—
Net cash provided by (used in)
financing activities
89.4
(6.9
)
Effect of exchange rate changes on
cash
(0.1
)
0.3
Net decrease in cash, cash equivalents
and restricted cash
$
(12.9
)
$
(13.9
)
Forum Energy Technologies,
Inc.
Supplemental schedule -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Three months ended
Three months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
June 30, 2024
September 30, 2024
September 30, 2023
June 30, 2024
Revenue
Drilling and Completions
$
123.6
$
118.9
$
117.0
$
123.6
$
118.9
$
117.0
Artificial Lift and Downhole
84.2
60.4
88.2
84.2
60.4
88.2
Eliminations
—
—
—
—
—
—
Total revenue
$
207.8
$
179.3
$
205.2
$
207.8
$
179.3
$
205.2
Operating income (loss)
Drilling and Completions
$
7.0
$
3.9
$
2.9
$
7.3
$
3.7
$
3.6
Operating Margin %
5.7
%
3.3
%
2.5
%
5.9
%
3.1
%
3.1
%
Artificial Lift and Downhole
10.8
8.5
13.5
10.8
8.8
13.5
Operating Margin %
12.8
%
14.1
%
15.3
%
12.8
%
14.6
%
15.3
%
Corporate
(8.4
)
(6.9
)
(7.0
)
(8.3
)
(6.3
)
(6.8
)
Total segment operating income
9.4
5.5
9.4
9.8
6.2
10.3
Other items not in segment operating
income (1)
(0.5
)
0.2
(1.5
)
—
0.2
(0.2
)
Total operating income
$
8.9
$
5.7
$
7.9
$
9.8
$
6.4
$
10.1
Operating Margin %
4.3
%
3.2
%
3.8
%
4.7
%
3.6
%
4.9
%
EBITDA (2)
Drilling and Completions
$
4.5
$
18.4
$
4.4
$
14.5
$
11.6
$
11.5
EBITDA Margin %
3.6
%
15.5
%
3.8
%
11.7
%
9.8
%
9.8
%
Artificial Lift and Downhole
17.2
10.2
19.3
17.4
10.1
19.7
EBITDA Margin %
20.4
%
16.9
%
21.9
%
20.7
%
16.7
%
22.3
%
Corporate
(10.6
)
(5.7
)
(5.2
)
(6.1
)
(5.1
)
(5.4
)
Total EBITDA
$
11.1
$
22.9
$
18.5
$
25.8
$
16.6
$
25.8
EBITDA Margin %
5.3
%
12.8
%
9.0
%
12.4
%
9.3
%
12.6
%
(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 -
Segment information
(Unaudited)
As Reported
As Adjusted (3)
Nine months ended
Nine months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Revenue
Drilling and Completions
$
359.7
$
376.0
$
359.7
$
376.0
Artificial Lift and Downhole
255.7
177.7
255.7
177.7
Eliminations
—
—
—
—
Total revenue
$
615.4
$
553.7
$
615.4
$
553.7
Operating income (loss)
Drilling and Completions
$
14.5
$
15.5
$
16.7
$
16.2
Operating Margin %
4.0
%
4.1
%
4.6
%
4.3
%
Artificial Lift and Downhole
36.0
24.1
36.0
24.6
Operating Margin %
14.1
%
13.6
%
14.1
%
13.8
%
Corporate
(22.6
)
(20.5
)
(22.1
)
(19.7
)
Total segment operating income
27.9
19.1
30.6
21.1
Other items not in segment operating
income(1)
(7.8
)
(0.2
)
0.1
0.7
Total operating income
$
20.1
$
18.9
$
30.7
$
21.8
Operating Margin %
3.3
%
3.4
%
5.0
%
3.9
%
EBITDA (2)
Drilling and Completions
$
22.1
$
36.3
$
39.7
$
38.8
EBITDA Margin %
6.1
%
9.7
%
11.0
%
10.3
%
Artificial Lift and Downhole
54.3
27.7
55.2
28.8
EBITDA Margin %
21.2
%
15.6
%
21.6
%
16.2
%
Corporate
(30.9
)
(20.2
)
(17.1
)
(16.0
)
Total EBITDA
$
45.5
$
43.8
$
77.8
$
51.6
EBITDA Margin %
7.4
%
7.9
%
12.6
%
9.3
%
(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 2 for schedule of
adjusting items.
Forum Energy Technologies,
Inc.
Supplemental schedule - Orders
information
(Unaudited)
Three months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
June 30, 2024
Orders
Drilling and Completions
$
129.5
$
139.9
$
110.1
Artificial Lift and Downhole
76.3
58.9
70.0
Total orders
$
205.8
$
198.8
$
180.1
Revenue
Drilling and Completions
$
123.6
$
118.9
$
117.0
Artificial Lift and Downhole
84.2
60.4
88.2
Total revenue
$
207.8
$
179.3
$
205.2
Book to bill ratio (1)
Drilling and Completions
1.05
1.18
0.94
Artificial Lift and Downhole
0.91
0.98
0.79
Total book to bill ratio
0.99
1.11
0.88
(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
September 30, 2024
September 30, 2023
June 30, 2024
(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
$
8.9
$
11.1
$
(14.8
)
$
5.7
$
22.9
$
8.0
$
7.9
$
18.5
$
(6.7
)
% of revenue
4.3
%
5.3
%
3.2
%
12.8
%
3.8
%
9.0
%
Restructuring and other costs
0.3
0.3
0.3
0.8
0.8
0.8
1.0
1.0
1.0
Transaction expenses
0.6
0.6
0.6
—
—
—
1.2
1.2
1.2
Inventory and other working capital
adjustments
—
—
—
(0.1
)
(0.1
)
(0.1
)
—
—
—
Stock-based compensation expense
—
2.2
—
—
1.2
—
—
1.5
—
Loss on extinguishment of debt
—
1.8
1.8
—
—
—
—
0.5
0.5
Loss on foreign exchange, net (2)
—
9.8
9.8
—
(8.2
)
(8.2
)
—
3.1
3.1
As adjusted (1)
$
9.8
$
25.8
$
(2.3
)
$
6.4
$
16.6
$
0.5
$
10.1
$
25.8
$
(0.9
)
% of revenue
4.7
%
12.4
%
3.6
%
9.3
%
4.9
%
12.6
%
Diluted shares outstanding as reported
12.3
10.4
12.3
Diluted shares outstanding as adjusted
12.3
10.4
12.3
Diluted EPS - as reported
$
(1.20
)
$
0.77
$
(0.54
)
Diluted EPS - as adjusted
$
(0.19
)
$
0.05
$
(0.07
)
(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
Nine months ended
September 30, 2024
September 30, 2023
(in millions, except per share
information)
Operating income
EBITDA (1)
Net income (loss)
Operating income
EBITDA (1)
Net income (loss)
As reported
$
20.1
$
45.5
$
(31.8
)
$
18.9
$
43.8
$
(2.1
)
% of revenue
3.3
%
7.4
%
3.4
%
7.9
%
Restructuring and other costs
2.9
2.9
2.9
3.4
3.4
3.4
Transaction expenses
7.7
7.7
7.7
—
—
—
Inventory and other working capital
adjustments
—
—
—
(0.5
)
(0.5
)
(0.5
)
Stock-based compensation expense
—
5.2
—
—
3.3
—
Loss on extinguishment of debt
—
2.3
2.3
—
—
—
Loss on foreign exchange, net (2)
—
14.2
14.2
—
1.6
1.6
As adjusted (1)
$
30.7
$
77.8
$
(4.7
)
$
21.8
$
51.6
$
2.4
% of revenue
5.0
%
12.6
%
3.9
%
9.3
%
Diluted shares outstanding as reported
12.3
10.2
Diluted shares outstanding as adjusted
12.3
10.2
Diluted EPS - as reported
$
(2.59
)
$
(0.21
)
Diluted EPS - as adjusted
$
(0.38
)
$
0.24
(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 3 - Adjusting
Items
Three months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
June 30, 2024
EBITDA reconciliation (1)
Net income (loss)
$
(14.8
)
$
8.0
$
(6.7
)
Interest expense
7.7
4.5
8.7
Depreciation and amortization
13.6
9.0
14.0
Income tax expense
4.6
1.4
2.5
EBITDA
$
11.1
$
22.9
$
18.5
(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 4 - Adjusting
Items
Nine months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
EBITDA reconciliation (1)
Net income (loss)
$
(31.8
)
$
(2.1
)
Interest expense
25.1
13.7
Depreciation and amortization
41.6
26.0
Income tax expense
10.6
6.2
EBITDA
$
45.5
$
43.8
(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 5 - Adjusting
items
Three months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
June 30, 2024
Free cash flow, before acquisitions,
reconciliation (1)
Net cash provided by (used in) operating
activities
$
25.6
$
26.4
$
23.1
Capital expenditures for property and
equipment
(1.3
)
(2.7
)
(1.5
)
Proceeds from (Payments related to) sale
of property and equipment
0.2
0.2
(0.2
)
Free cash flow, before
acquisitions
$
24.5
$
23.9
$
21.4
(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.
Reconciliation of GAAP to
non-GAAP financial information
(Unaudited)
Table 6 - Adjusting
items
Nine months ended
(in millions of dollars)
September 30, 2024
September 30, 2023
Free cash flow, before acquisitions,
reconciliation (1)
Net cash provided by (used in) operating
activities
$
53.7
$
(3.1
)
Capital expenditures for property and
equipment
(5.7
)
(5.5
)
Proceeds from sale of property and
equipment
0.2
1.3
Free cash flow, before
acquisitions
$
48.2
$
(7.3
)
(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)
September 30, 2024
September 30, 2023
June 30, 2024
Revenue
$
%
$
%
$
%
Drilling
$
35.8
17.2
%
$
41.8
23.3
%
$
35.5
17.3
%
Subsea
20.9
10.1
%
14.7
8.2
%
16.8
8.2
%
Stimulation and Intervention
38.0
18.3
%
32.5
18.1
%
37.2
18.1
%
Coiled Tubing
28.9
13.9
%
29.9
16.7
%
27.5
13.4
%
Drilling and Completions
123.6
59.5
%
118.9
66.3
%
117.0
57.0
%
Downhole
50.6
24.4
%
23.5
13.1
%
53.1
25.9
%
Production Equipment
18.0
8.7
%
21.7
12.1
%
18.1
8.8
%
Valve Solutions
15.6
7.4
%
15.2
8.5
%
17.0
8.3
%
Artificial Lift and Downhole
84.2
40.5
%
60.4
33.7
%
88.2
43.0
%
Eliminations
—
—
%
—
—
%
—
—
%
Total revenue
$
207.8
100.0
%
$
179.3
100.0
%
$
205.2
100.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241031493421/en/
Rob Kukla Director of Investor Relations 281.994.3763
rob.kukla@f-e-t.com
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