Forum Energy Technologies, Inc. Provides Earnings Guidance for the Fourth Quarter, Full Year Ended December 31, 2023 and First Quarter of 2024
February 19, 2024 at 08:12 pm EST
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Forum Energy Technologies, Inc. provided earnings guidance for the fourth quarter, full year ended December 31, 2023 and first quarter of 2024. Fourth quarter 2023 revenue was $185 million, a $6 million increase from the third quarter.
For the year 2023, the company expects revenue to be $739 million, a 6% year-over-year increase.
For the first quarter, the company forecast FET revenue of $200 to $220 million.
Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. The Companyâs segments include Drilling and Completions and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. The products and solutions consist of products designed to safeguard artificial lift equipment and downhole cables, well construction casing and cementing equipment and others. It also manufactures downhole technology solutions, providing sand and flow control products for heavy oil applications.