FET

Strong Buy Stocks: Five stocks have been added to the Zacks Rank #1 (Strong Buy) List, including Kingstone Companies, REX American Resources, CION Investment Corporation, ACNB Corporation, and Forum Energy Technologies, all showing significant increases in earnings estimates over the past 60 days.

Market Insights: The semiconductor manufacturing industry is expected to grow substantially from $452 billion in 2021 to $803 billion by 2028, driven by demand for technologies like Artificial Intelligence and Machine Learning.

Top Stock Picks: Three stocks with strong value characteristics and buy rankings are highlighted: Kingstone Companies, Inc. (KINS), Forum Energy Technologies, Inc. (FET), and Northeast Community Bancorp, Inc. (NECB), all showing positive earnings growth estimates and favorable price-to-earnings ratios.

Market Insights: The semiconductor industry is projected to grow significantly, from $452 billion in 2021 to $803 billion by 2028, driven by demand for technologies like Artificial Intelligence and Machine Learning.

Retirement Announcement: Mr. C. Christopher Gaut will retire from the Forum Energy Technologies (FET) Board of Directors at the end of his term and will not seek re-election in 2025, after a significant tenure that began in 2006.

Leadership Acknowledgment: FET's Lead Independent Director, Michael McShane, expressed gratitude for Gaut's critical role in founding and leading the company through various industry cycles, including its IPO in 2012.

Earnings Conference Call Announcement: Forum Energy Technologies, Inc. will host its fourth quarter and full year 2024 earnings conference call on February 21, 2025, at 10:00 a.m. Central Time, with a press release to be issued beforehand.

Company Overview: FET is a global company based in Houston, TX, providing solutions for the oil, natural gas, industrial, and renewable energy sectors, focusing on safety and efficiency in energy exploration and production.

Nomination Announcement: Leslie A. Beyer, a member of Forum Energy Technologies' Board of Directors, has been nominated for the position of Assistant Secretary for Land and Minerals Management in the U.S. Department of Interior, pending Senate confirmation.

Leadership Praise: FET's CEO, Neal A. Lux, commended Ms. Beyer's leadership and experience, highlighting her commitment to energy issues as beneficial for navigating the industry's challenges.

Presentation Announcement: Forum Energy Technologies, Inc. will present at the Sidoti Virtual Micro Cap Conference on January 22, 2025, at 11:30 a.m. ET, with live access available online.

Investor Meetings: The company will also conduct virtual one-on-one investor meetings on January 22-23, 2025, and interested parties can register for both the presentation and meetings through the provided links.

Share Repurchase Program: Forum Energy Technologies, Inc. has authorized a share repurchase program for up to $75 million of its common stock, contingent on market conditions and subject to a Leverage Ratio requirement of 1.5x.

Financial Strategy and Operations: The company aims to maintain conservative net leverage while returning cash to shareholders, having recently completed sales of two manufacturing facilities in Texas for approximately $20 million, which will continue to be part of its operations through long-term leases.

Share Repurchase Program: Forum Energy Technologies (FET) has authorized a $75 million share repurchase program following the completion of sales of two manufacturing facilities in Texas, generating approximately $20 million in net proceeds.

Market Reaction: FET shares experienced a significant increase, surging over 17% in premarket trading on Monday.

Appointment Announcement: Bird Construction Inc. has appointed Evelyn Angelle to its Board of Directors, increasing the total number of directors to 10. Ms. Angelle brings extensive experience in public accounting and finance, having held senior roles at Halliburton and Ernst & Young.

Board Contributions: Ms. Angelle will join the Audit Committee and Health, Safety and Environment Committee, contributing her expertise to support Bird's strategic growth initiatives and enhance shareholder value.

Bond Offering and Financial Strategy: Forum Energy Technologies, Inc. successfully closed a USD $100 million offering of 10.5% senior secured bonds to strengthen its balance sheet and repay existing debts, including the redemption of 9.000% Convertible Senior Secured Notes due 2025.

Future Outlook: CEO Neal Lux expressed satisfaction with the team's efforts in executing their strategic plan, emphasizing a focus on reducing net debt while maintaining flexibility for future investments such as mergers and acquisitions or share repurchases.

Earnings Conference Call: Forum Energy Technologies, Inc. held its Q3 2024 earnings conference call on November 1, 2024, featuring key executives discussing the company's financial performance and outlook.

Management Statements: The call included cautionary notes regarding forward-looking statements and the use of non-GAAP financial measures, with references to their earnings release for detailed information.

Financial Performance: Forum Energy Technologies, Inc. reported a third quarter 2024 revenue of $208 million, a slight increase from the previous quarter, but incurred a net loss of $15 million. The company also experienced a 14% increase in orders and raised its full-year free cash flow guidance to between $60 and $70 million.

Strategic Plans: The CEO announced plans to strengthen the company's balance sheet through a $100 million bond offering, aiming to retire existing long-term debt and extend bond maturity to November 2029, while also focusing on reducing indebtedness and pursuing strategic acquisitions amid volatile commodity prices.

Financial Performance: Forum Energy Technologies, Inc. reported a revenue of $208 million for Q3 2024, marking a 16% year-over-year increase, despite a net loss of $15 million. Adjusted EBITDA rose by 55% to $26 million, and the company raised its full-year free cash flow guidance to between $60 and $70 million.

Market Outlook: The company anticipates continued demand for its capital equipment, particularly from Middle Eastern customers, while acknowledging potential challenges due to volatile commodity prices and disciplined capital budgets from U.S. oil and gas operators.

Private Offering Announcement: Forum Energy Technologies, Inc. has finalized a private offering of $100 million in senior secured bonds, maturing in November 2029, to redeem outstanding convertible notes and repay a seller term loan.

Securities Registration Notice: The offered securities are not registered under the Securities Act and will be sold only to non-U.S. persons outside the U.S., with no solicitation or offer for sale in jurisdictions where it would be unlawful.

Financial Performance Overview: Forum Energy Technologies, Inc. reported preliminary financial results for Q3 2024, showing a revenue increase to approximately $208 million and bookings of about $205 million, both exceeding previous quarters.

Forward-Looking Statements and Risks: The company cautioned that the preliminary figures are subject to change and highlighted various risks that could impact future performance, including market volatility and regulatory challenges.

Private Offering Announcement: Forum Energy Technologies, Inc. has initiated a private offering of $100 million in senior secured bonds to redeem outstanding convertible notes and repay borrowings related to the acquisition of Variperm Energy Services.

Regulatory Compliance: The securities will be offered only to non-U.S. persons outside the United States under Regulation S, and this announcement does not constitute an offer or solicitation for these securities within the U.S.

Bitcoin's Performance: Bitcoin has increased by 45% this year, outperforming most major cryptocurrencies, but several meme coins and AI-related tokens have shown even greater gains, with some meme coins rising up to 15,000%.

Future Outlook: While certain cryptocurrencies like Sui and Bittensor are gaining attention for their potential, the long-term viability of these investments compared to Bitcoin remains uncertain, suggesting that conservative investors may prefer to stick with Bitcoin.

Fireside Chat Announcement: Forum Energy Technologies, Inc. will host a fireside chat with CEO Neal Lux and CFO Lyle Williams on October 9, 2024, at 10:00 a.m. Central Time, which is open for registration to the public.

Company Overview: FET is a global provider of solutions for the oil, natural gas, industrial, and renewable energy sectors, emphasizing safety, efficiency, and environmental responsibility, with headquarters in Houston, TX.

Earnings Conference Call Announcement: Forum Energy Technologies, Inc. will host its third quarter 2024 earnings conference call on November 1, 2024, at 10:00 a.m. Central Time, with a press release issued beforehand.

Company Overview: FET is a global company based in Houston, TX, serving various energy sectors and focusing on environmentally responsible solutions to enhance safety and efficiency in energy exploration and production.

Current Crypto Landscape: Bitcoin and Ethereum dominate the crypto market, holding 70% of its market cap, but investors are encouraged to explore emerging cryptocurrencies like Sui, Artificial Superintelligence Alliance, and Toncoin for potential growth.

Emerging Cryptocurrencies: Sui aims to outperform existing blockchains with high transaction speeds; Artificial Superintelligence Alliance seeks to create a decentralized AI token; and Toncoin benefits from its association with Telegram and the play-to-earn gaming trend, though all carry inherent risks.