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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