Stonegate Capital Partners Updates Coverage on Forum Energy Technologies, Inc. FET Q3 24
DALLAS, TX -- August 5th, 2024 -- Forum Energy Technologies, Inc. FET Stonegate Capital Partners updates their coverage on Forum Energy Technologies, Inc. FET. FET reported revenue, adj EBITDA, and adj net income of $207.8M, $25.8M, and ($2.3)M, respectively. This compares to our/consensus estimates of $211.3M/$214.5M, $26.3M/$26.8M, and ($4.4)M/$0.7M. It is noted that revenues were in-line with our expectations. GPM was slightly ahead of expectations, resulting in stronger operating profits. Adj. EBITDA margins were in-line with expectations at 12.4%. Adj. NI was slightly ahead of our expectations due to stronger than expected OPM.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- Debt refinancing completed in the quarter
- Artificial lift and equipment segment orders increased 9.0%
- Drilling and Completions segment saw a Q/Q revenue increase of 5.6% to $123.6M
Click image above to view full announcement.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
Distributed by: Reportable, Inc.
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