The following is a summary of the Forum Energy Technologies, Inc. (FET) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Forum Energy Technologies reported a 9% sequential revenue growth for Q1 2024, and an EBITDA increase by 69% along with an improvement in EBITDA margins by 460 basis points.

• Q1 bookings rebounded with a book-to-bill ratio of 101% indicating a healthy demand.

• Forum Energy's EBITDA came in at $26 million, beating the midpoint guidance range.

• Cash on hand at the end of Q1 was $49 million, with total liquidity at $121 million.

• FET expects solid performance in Q2 and maintains their annual free cash flow guidance between $40 million to $60 million.

Business Progress:

• Forum Energy is focusing on developing new products, like the performing well FASTConnect, a frac manifold replacement system, with an accelerated rollout planned in the latter half of the year.

• The recently acquired Variperm is being successfully integrated and is expected to significantly contribute to the Artificial Lift and Downhole business segments.

• The expansion of Variperm's technology in offshore and Middle East markets is a key focus.

• The company is targeting new product development as a major growth pillar while also seeking opportunities to quote packages together.

More details: Forum Energy Technologies IR

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