Quarterly ResultMay 1, 2026, 03:32 PM
Forum Energy Technologies Q1 Net Income Jumps 300% to $4.49M
AI Summary
Forum Energy Technologies reported a strong first quarter for 2026, with net income surging by 300% to $4.49 million and diluted EPS increasing by 333% to $0.39. Revenue grew by 8% to $208.7 million. The company also amended its senior secured revolving credit facility, extending its maturity to February 2031 and revising interest rate margins.
Key Highlights
- Net income increased 300.4% to $4.49 million for Q1 2026, up from $1.12 million in Q1 2025.
- Diluted earnings per share rose 333.3% to $0.39 in Q1 2026, compared to $0.09 in Q1 2025.
- Revenue for Q1 2026 grew 8.0% to $208.7 million, up from $193.3 million in Q1 2025.
- Amended Credit Facility extends maturity to Feb 2031, revises interest rates, and increases U.S. letter of credit sublimit.
- Drilling and Completions segment revenue increased 9.6% to $126.6 million in Q1 2026.
- Artificial Lift and Downhole segment revenue grew 5.5% to $82.1 million in Q1 2026.
- Net cash provided by operating activities was $1.63 million in Q1 2026, down from $9.33 million.
- Repurchased $4.57 million of stock in Q1 2026, compared to $2.00 million in Q1 2025.