Forum Energy Technologies drops on lowered outlook as supply chain issues bite

Forum Energy Technologies

07/02/2022 14:58

** Shares of oil-related services and equipment co  FET.N 
down as much as 10.45% at $19.11, among top pct losers on NYSE 
    ** Co says Q4 results expected to be below prior guidance
levels, hurt by supply chain disruptions, which caused both rev
to be deferred and costs to increase  urn:newsml:reuters.com:*:nBw8B8G6da
    ** Says it incurred excess logistics and freight costs to
mitigate these supply chain disruptions 
    ** Says medical benefit costs were higher than expected in
the fourth quarter due to the direct and indirect effects of the
COVID pandemic
    ** Co forecasts Q4 rev and adj EBITDA to be ~$148 mln and $4
mln, respectively, below previously guided levels 
    ** Stock up ~21% YTD, as of last close 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))