Brief: Forum Energy Technologies To Delay Issuance Of Fourth Quarter And Full Year 2023 Earnings Release

Forum Energy Technologies

20/02/2024 01:15

Feb 19 (Reuters) - Forum Energy Technologies Inc
 FET.N :
    * FORUM ENERGY TECHNOLOGIES TO DELAY ISSUANCE OF FOURTH
QUARTER
AND FULL YEAR 2023 EARNINGS RELEASE AND INVESTOR CONFERENCE
CALL; PROVIDES PRELIMINARY RESULTS AND 2024 GUIDANCE
    * FY REVENUE: $739 MILLION, A 6% YEAR-OVER-YEAR INCREASE
    * RESULTS DELAYED FOR FINALIZATION OF VALUATION ALLOWANCE
RESERVE
RELEASE, IF ANY
    * NO MEANINGFUL IMPACT TO ABOVE RESULTS EXPECTED
    * FY ORDERS: $724 MILLION AND BOOK-TO-BILL RATIO OF 98%
    * Q1 2024 REVENUE AND ADJUSTED EBITDA: $200 TO $220 MILLION
AND
$23 TO $27 MILLION
    * FORECASTING 2024 ADJUSTED EBITDA OF $100 TO $120 MILLION
AND
FREE CASH FLOW OF $40 TO $60 MILLION
    * ANTICIPATE AVERAGE RIG COUNT TO BE DOWN 5% IN U.S., UP
SLIGHTLY
IN INTERNATIONAL MARKETS, AND FLAT IN CANADA
    * FORUM ENERGY TECHNOLOGIES - WITH UPCOMING COMMISSIONING OF
TRANS
MOUNTAIN PIPELINE EXPANSION, WE EXPECT TO SEE OIL SANDS ACTIVITY
INCREASE IN H2 2024

Source text for Eikon:  ID:nBw9Jb1J7a 
Further company coverage:  FET.N 

 ((Reuters.Briefs@thomsonreuters.com;))