Forum Energy Technologies Q2 revenue rises, lifts FY outlook
FET•Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $226.22 mln | $212.35 mln (2 Analysts) |
| Q2 Net Income | $12.41 mln | ||
| Q2 Gross Profit | $71.35 mln | ||
| Q2 Operating Expenses | $50.85 mln | ||
| Q2 Operating Income | $20.51 mln | ||
| Q2 Pretax Profit | $16.009 mln |
Result drivers
- Higher demand - Increased sales of coiled tubing, wireline cables, and capital equipment drove Drilling and Completions segment revenue, per company.
- Cost management - Improved plant utilization and facility consolidation supported margin expansion in Drilling and Completions, per company.
- Product demand - Artificial Lift and Downhole segment revenue rose on higher demand for sand and flow control solutions, artificial lift products, and casing equipment, though partly offset by delayed deliveries.
Analyst coverage
Wall Street's median 12-month price target for Forum Energy Technologies Inc is $67.00, about 30.3% above its July 30 closing price of $51.43.
The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 27 three months ago.
