Forum Energy Technologies Inc. (NYSE:FET) shares jumped 6.01% to $54.52 in pre-market trading Friday following the announcement of second-quarter results, where adjusted earnings per share of $1.16 topped analyst estimates of $0.56.
The Texas-based oilfield products company released the data for the period ended Jun. 30 after markets closed Thursday.
Revenue, Margins Beat Expectations
Forum Energy reported revenue of $226.22 million against the expected $212.35 million, beating estimates by 6.53%. This marks an increase of roughly 8.4% from first-quarter revenue of $208.70 million, driven by stronger demand across its Drilling and Completions segment.
Net income came in at $12.4 million, with diluted earnings per share of $1.05.
Adjusted EBITDA rose 39% sequentially to $32 million, with total orders of $235.9 million and a 1.04 book-to-bill ratio.
Company Raises Third-Quarter and Full-Year Guidance
For the third quarter, Forum Energy projected revenue of $225 million to $245 million and adjusted EBITDA of $31 million to $37 million, representing year-over-year growth of 20% and 48%, respectively.
For full-year 2026, the company increased its guidance to revenue of $870 million to $910 million, reflecting 13% year-over-year growth, and adjusted EBITDA of $115 million to $125 million, representing a 40% year-over-year increase.
CEO Neal Lux said, “We are raising all guidance metrics for full year 2026,” pointing to the strength of first-half performance, market share gains and a healthy order backlog as the company works toward its long-term “FET 2030” strategic goals.
FET 2030 is Forum Energy’s long-term growth roadmap, aimed at doubling revenue, expanding market share and tripling free cash flow by 2030.
Alongside the earnings report, BlackRock Inc. (NYSE:BLK) disclosed in a Securities and Exchange Commission filing that it beneficially owns 794,999 shares, or 7.0% of Forum Energy’s outstanding common stock, as of Jun. 30.
Trading Metrics, Technical Analysis
Forum Energy has a market capitalization of approximately $581.38 million. Its stock has traded between a 52-week high of $65.43 and a 52-week low of $18.12.
FET has a Relative Strength Index (RSI) of 45.59.
Over the past 12 months, the stock has gained by 160.93%.
Currently, the stock is trading at 70.41% of its 52-week range, placing it in the upper half of its annual trading range.
FET’s long-term trend and strong market position suggest that the stock may continue to have upside potential.
Price Action: The energy stock closed the regular session on Thursday at $51.43, up 0.63%, according to Benzinga Pro data.
With a strong Momentum score in the 94th percentile and a Value score of 72.56, Benzinga’s Edge Stock Rankings indicate that FET is experiencing long-term upward movement along with medium and short-term consolidation.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Spyro the Dragon on Shutterstock.com
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