FET - Forum Energy Non-GAAP EPS of $0.10 revenue of $185M; initiates Q3 and updates FY23 outlook

2023-08-04 00:48:11 ET

• Forum Energy press release ( NYSE: FET ): Q2 Non-GAAP EPS of $0.10.
• Revenue of $185M (+7.4% Y/Y).
• Adjusted EBITDA: $17 million, a 12% year-over-year increase.
• Orders: $186 million and book-to-bill ratio of 100%.
• Outlook: "We forecast third quarter 2023 revenue and adjusted EBITDA to be sequentially flat with ranges of $180 to $200 million and $16 to $20 million, respectively. For the full year, we now expect adjusted EBITDA to be around $80 million and free cash flow of $20 million. This implies year-over-year EBITDA growth of 36% and second half 2023 free cash flow of approximately $50 million.”

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