Forum Energy reports Q1 EPS (12c) vs. (39c) last year

Reports Q1 revenue $202.4M vs. $189.0M last year. Neal Lux, CEO, remarked, “This quarter our financial results demonstrate Variperm’s transformational impact. Sequentially, we grew revenue 9%, increased EBITDA 69% and expanded EBITDA margins by 460 basis points. The integration of Variperm is going well. Variperm’s first quarter results were generally in line with our expectations, but slightly lower than the historical run rate. As outlined in February, we forecast a softer Canadian market in the first half of 2024, driven by uncertainty with the Trans Mountain Express pipeline and seasonal break up. However, we anticipate stronger oil sands activity in the back half of the year. We increased free cash flow by $26 million on a year-over-year basis through Variperm’s contribution and working capital management. Generating free cash flow remains a top priority. In addition to reducing net leverage, it provides flexibility to evaluate further growth options and return cash to shareholders.”