Forum Energy Technologies Q2 2024 Update
Ticker: FET · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1401257
| Field | Detail |
|---|---|
| Company | Forum Energy Technologies, INC. (FET) |
| Form Type | 10-Q |
| Filed Date | Aug 2, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, oil-and-gas, financials
TL;DR
**FORUM ENERGY TECHNOLOGIES (FET) Q2 2024 FILING OUT: FINANCIALS AND OPERATIONS DETAILED.**
AI Summary
Forum Energy Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, detailing its performance in the oil and gas machinery and equipment sector. The filing provides updates on its financial position and operational activities.
Why It Matters
This filing provides investors with crucial financial data and operational insights into Forum Energy Technologies, Inc. for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a company in the oil and gas sector, Forum Energy Technologies is subject to industry-specific risks and market volatility.
Key Numbers
- 20240630 — Period End Date (Financial reporting period)
- 20240802 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- FORUM ENERGY TECHNOLOGIES, INC. (company) — Filer
- 20240630 (date) — Period of Report
- 20240802 (date) — Filed as of Date
- 77064 (location) — Business Zip Code
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024.
What is the company's primary industry?
The company's primary industry is OIL & GAS FILED MACHINERY & EQUIPMENT.
What is the company's SEC file number?
The SEC file number for Forum Energy Technologies, Inc. is 001-35504.
When was the company formerly known as Forum Oilfield Technologies, Inc.?
The company was formerly known as Forum Oilfield Technologies, Inc. with a date of name change in 20100726.
What is the company's business address?
The company's business address is 10344 SAM HOUSTON PARK DRIVE, SUITE 300, HOUSTON, TX 77064.
Filing Stats: 4,731 words · 19 min read · ~16 pages · Grade level 15.2 · Accepted 2024-08-02 12:51:36
Filing Documents
- fet-20240630.htm (10-Q) — 1080KB
- exhibit311-10q22024.htm (EX-31.1) — 10KB
- exhibit312-10q22024.htm (EX-31.2) — 10KB
- exhibit321-10q22024.htm (EX-32.1) — 6KB
- exhibit322-10q22024.htm (EX-32.2) — 5KB
- 0001401257-24-000121.txt ( ) — 5864KB
- fet-20240630.xsd (EX-101.SCH) — 38KB
- fet-20240630_cal.xml (EX-101.CAL) — 77KB
- fet-20240630_def.xml (EX-101.DEF) — 179KB
- fet-20240630_lab.xml (EX-101.LAB) — 541KB
- fet-20240630_pre.xml (EX-101.PRE) — 378KB
- fet-20240630_htm.xml (XML) — 743KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 4
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 4 Condensed consolidated statements of comprehensive loss 4 Condensed consolidated balance sheets 5 Condensed consolidated statements of cash flows 6 Condensed consolidated statements of changes in stockholders' equity 7 Notes to condensed consolidated financial statements 9
Management's discussion and analysis of financial condition and results of operations
Item 2. Management's discussion and analysis of financial condition and results of operations 21
Quantitative and qualitative disclosures about market risk
Item 3. Quantitative and qualitative disclosures about market risk 31
Controls and procedures
Item 4. Controls and procedures 32
- OTHER INFORMATION
PART II - OTHER INFORMATION 33
Legal proceedings
Item 1. Legal proceedings 33
Risk factors
Item 1A. Risk factors 33
Unregistered sales of equity securities and use of proceeds
Item 2. Unregistered sales of equity securities and use of proceeds 33
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 33
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Forum Energy Technologies, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share information) 2024 2023 2024 2023 Revenue $ 205,209 $ 185,449 $ 407,601 $ 374,406 Cost of sales 142,136 134,143 280,769 270,998 Gross profit 63,073 51,306 126,832 103,408 Operating expenses Selling, general and administrative expenses 53,691 44,357 108,357 89,868 Transaction expenses 1,228 — 7,149 — Loss on disposal of assets and other 220 542 192 282 Total operating expenses 55,139 44,899 115,698 90,150 Operating income 7,934 6,407 11,134 13,258 Other expense Interest expense 8,659 4,689 17,419 9,238 Foreign exchange losses and other, net 3,006 6,436 4,233 9,408 Loss on extinguishment of debt 463 — 463 — Total other expense 12,128 11,125 22,115 18,646 Loss before income taxes ( 4,194 ) ( 4,718 ) ( 10,981 ) ( 5,388 ) Income tax expense 2,502 1,861 6,030 4,677 Net loss $ ( 6,696 ) $ ( 6,579 ) $ ( 17,011 ) $ ( 10,065 ) Weighted average shares outstanding Basic 12,330 10,210 12,266 10,195 Diluted 12,330 10,210 12,266 10,195 Loss per share Basic $ ( 0.54 ) $ ( 0.64 ) $ ( 1.39 ) $ ( 0.99 ) Diluted $ ( 0.54 ) $ ( 0.64 ) $ ( 1.39 ) $ ( 0.99 ) Other comprehensive income (loss), net of tax of $ 0 : Net loss $ ( 6,696 ) $ ( 6,579 ) $ ( 17,011 ) $ ( 10,065 ) Change in foreign currency translation 621 7,749 ( 183 ) 11,907 Gain (loss) on pension liability ( 5 ) 6 ( 20 ) 21 Comprehensive income (loss) $ ( 6,080 ) $ 1,176 $ ( 17,214 ) $ 1,863 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Forum Energy Technologies, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share information) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 31,826 $ 46,165 Accounts receivable—tr