Forum Energy Technologies, Inc. announced third quarter 2024 revenue of $208 million, representing a 1% sequential increase. Orders for the quarter rose 14% sequentially to $206 million, resulting in a book-to-bill ratio of 99%, indicating robust demand for its products and services.
The company reported a net loss of $15 million, or $1.20 per diluted share, with an adjusted net loss of $2 million, or $0.19 per diluted share. Free cash flow generation was strong, reaching $25 million for the quarter, a 14% increase from the prior quarter, bringing year-to-date free cash flow to $48 million.
Based on these results, FET raised its full-year 2024 free cash flow guidance to a range of $60 million to $70 million. For the fourth quarter of 2024, the company anticipates revenue between $190 million and $210 million and adjusted EBITDA between $22 million and $26 million, reflecting continued operational focus amidst market dynamics.
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