Forum Energy Technologies Fires Up Q1 2026 Performance with 8% Revenue Growth and Strong Bookings
Forum Energy Technologies (FET) kicked off the year on a high note, delivering an impressive set of results for its first quarter 2026. According to the company's latest earnings conference call transcript, FET's revenue grew by 8%, with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) expanding by 14% year-over-year.
Neal Lux, President and Chief Executive Officer of FET, attributed the strong performance to the execution of its "beat the market" strategy. This approach has positioned the company for future gains with strong bookings, as evident from a 10% increase in orders compared to the same period last year. The book-to-bill ratio stood at an impressive 106%, demonstrating the company's ability to outpace industry growth.
Notably, FET grew revenue per global rig by 12% from the previous year, underscoring its success in capturing market share through innovation and new customer adoption. The company's backlog has been steadily increasing, with a 44% rise compared to the same period last year, providing a solid foundation for future growth.
In an effort to optimize operations, FET implemented structural cost-saving initiatives that have achieved $15 million of annualized savings. Additionally, the company continued its share repurchase program and strengthened its balance sheet by extending its credit facilities maturity to 2031.
Looking ahead, Lux expressed confidence in the company's ability to deliver strong results, driven by market share gains, backlog conversion, and cost savings. FET is forecasting second-quarter EBITDA of between $24 million-$30 million, representing a 32% increase from the same period last year. This forecast would result in incremental margins of 51%, with EBITDA margin approaching 13%.
Lux also highlighted several innovative products that have contributed to FET's success. DuraCoil 95, coiled tubing for sour service environments, has gained traction on three continents and is an ideal product for regions like Venezuela and the Middle East. Unity, the company's next-generation operating system for remote ROV operations, demonstrated impressive capabilities at a recent trade show, igniting interest among customers.
Finally, FET received a significant order for its DuraLine manifold system, which will be deployed in Argentina this year. This product is a prime example of technology developed for U.S. shale applications that can be successfully exported to international locations, further solidifying FET's position as a leader in the energy services industry.
