Forum Energy Technologies Reports Q3 2024 Financial Results
- Forum Energy Technologies, Inc. reported a net loss of $6.7 million for the second quarter of 2024.
- The company emphasized the importance of non-GAAP financial measures for evaluating performance.
- The preliminary results are subject to change, indicating ongoing challenges in the energy market.
On October 14, 2024, Forum Energy Technologies, Inc. announced preliminary financial results for the third quarter of 2024, comparing them to the second quarter of the same year. The company, which operates in the oil, natural gas, industrial, and renewable energy sectors, provided insights into its financial performance, including a net loss of $6.7 million for the second quarter. The report highlighted the importance of non-GAAP financial measures, which management believes are useful for evaluating overall performance, despite not being a substitute for GAAP measures. The unaudited financial information presented is based on preliminary estimates and may vary significantly from the final results due to ongoing financial closing procedures and adjustments. The company emphasized that these preliminary results should not be considered comprehensive and are subject to change. Forum Energy Technologies also discussed the challenges it faces, including volatility in oil and natural gas prices, competition, and regulatory factors that could impact its operations. The company’s management expressed confidence in its ability to navigate these challenges while focusing on strategic opportunities for growth and investment. Overall, the announcement reflects the company's ongoing efforts to provide transparency regarding its financial health and operational performance, while also preparing stakeholders for potential fluctuations in its financial results as the quarter concludes.