Forum Energy Technologies Inc Down 4.00% To $19.68 After Earnings

Forum Energy Technologies Inc (FET) reported less than expected earnings this afternoon for Q4 2023.

Forum Energy Technologies Inc reported EPS loss of $0.39 per share. Profits rose 13% year-over-year after reporting an EPS loss of $0.45 per share in its year-ago quarter. The positive growth rate signals that the Energy company is performing well amid recent economic conditions.

Forum Energy Technologies Inc reported a revenue of $185.2 million in Q4 2023. The firm managed negative 3% growth year-over-year due to Forum Energy Technologies Inc reporting quarterly revenue of $190.7 million in its year-ago quarter. Forum Energy Technologies Inc achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is down 4.00% to $19.68 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 6.

Forum Energy Technologies Inc is a global products company, serving the drilling, downhole, subsea, completions, and production sectors of the energy industry. The company designs, manufactures, and distributes products and engages in aftermarket parts supply and services that complement its product offering. Its products include highly engineered capital equipment, as well as products that are consumed in the drilling, well construction, production, and transportation of oil and natural gas. It operates in three reporting segments, namely drilling and downhole, completions, and production. Revenue largely comes from consumable products and activity-based equipment. Consumable products include valves, centrifugal pumps, mud pump fluid end components, rig sensors, inserts, and dies.