FET - Earnings call transcript Q4 2024 | Forum Energy Technologies, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies Fourth Quarter and Full Year 2024 Earnings Conference Call. My name is Gigi, and I'll be your coordinator for today's call. [Operator Instructions] This conference call is being recorded for replay purposes and will be available on the company's website. I will now turn the conference over to Rob Kukla, Director of Investor Relations. Please proceed, sir.

Rob Kukla

Thank you, Gigi. Officer; welcome Conference Fourth Neal Call. With President Chief and Year and Lux, everyone, our and Earnings Williams, XXXX me Executive morning, to Officer. Quarter FET's Full our Chief Good Financial Lyle and today are earnings relying Yesterday, are is available that the federal law. safe harbor and on we release, it website. Please our issued note by our on we protections afforded other that than remarks contain historical cautioned today our are information Listeners information. may affect context remarks SEC including our be that in all These Form filings. other business, the disclosed and of FET's should in those factors considered XX-K

measures. Finally, management's statements may include non-GAAP financial

For may release. earnings a these reconciliation of measures, refer to you our

will During today's over to turn EBITDA. comparisons adjusted noted, the call, to Neal. all all XXXX. I statements are fourth EBITDA to now refer unless XXXX otherwise to call And quarter related quarter third

Neal Lux

and Rob, to excellent everyone. I as He almost and Chris has Board thank January on Chris been as both Leslie's I experience in as of would Interior. to been CEO personally recently nominated XXXX. my to and appointment as his an throughout critical morning, I makes by to retirement. country help energy has congratulating like especially and like invaluable at leadership U.S. FET and Land FET members. navigate Minerals in Chief for for congratulate guidance Department was previously would his dedicated announced XX Assistant member Leslie involved Chris my Chris for friendship. challenges. good our and since years, X with a you, time Executive mentorship, Officer. Leslie would choice Beyer, also serve begin and her Thank like Secretary of the to Board FET's Management Gaut

down to is Net results share X rig it illustrate Revenue on is significantly during XX% With our expanded clearly is by and and last to XX%, we Market progress net XXX the improved up basis XX revenue have as step announcements, is leverage reflect these this These debt years. EBITDA margins have we Xx made measured increased the per think back X.Xx. I XX%. great from made. time. the and progress up points. we under just appropriate

the of our XX%, let's transformational XX% and financial achievements our strategy. acquisition, Beat of from Market the respectively. margin meaningfully about announced we a $XXX results key the margins efficient up EBITDA and our margin delivered management. balance authorization with completion specifically fortification our This cash revenue cash the results, the year, improvement. point this solid a a generated some and repurchase free meaningful capital growth XX% stronger-than-expected share Now Variperm of execution XXX of headwinds, talk flow in Despite plan. EBITDA acquisition. and free Financially, we sheet, Variperm program Impressively, EBITDA resulted to million strong delivered over market we basis outperformed promised full as financial and incremental in from year contributed and flow working growth when significant

our a debt liquidity executed bond $XXX also million which secured We long-term position. senior and offering, maintained strong refinanced a

of capturing cash on deployment generating and global capitalization market Beat our flow we to announced million program, and significant. cash. our Market leveraging to repurchase footprint on In market share our confidence is reflects for a Importantly, flexibility technologies. also the differentiated It our in delivering free relative profitable our December, made year, progress developing consistent by great in beyond. This size share, XXXX the The strategy refinancing provided program this shareholders. we of promise $XX

almost grow located new innovator, FET revenue the to delivering manufacturing share facilities international market by gained industry our our by we XX%. growth. rig per XX% example, U.S., as we utilized market. demonstrated revenue Also, is the products to And For outside an strategically

torque oil lift capacity a increases breakthrough manifold Saver reduced to ], generation. that system production frac remotely best-in-class examples. vessels. FRXXX-SC, permanent example, [ personnel reduces industry-leading and few solution a MagnaGuard incredible technology ROVs rig enables and of in a leading-edge efficient footprint. an FASTConnect, ], floor magnet ESPs. are pad Here [ with rod transfer And next-generation production power operations. multi-well safer heat systems. downtime product adoption a widespread an Unity, zipper Pump my mobile that a combines for controls motor for last reduce Plus, efficient the on PowerTron that that roughneck more iron unit

supply Now grow We our energy continued believe strongly growth. be demand outlook. to will this to long-term for turning will required and investment

transitional anticipate to global a America, will be to by count frac North activity flat. to anticipate uncertainties. from However, and in completion driven generally geopolitical activity, be Internationally, X% we decrease and both we to macroeconomic expect In X% and drilling fleet count activity year for rig XXXX market forecasted soften. we are XXXX levels. Overall, XXXX

offset We of expect our million activity. are Therefore, closely. will XXXX adjusted Beat we full are guidance not however, is that declining continued range variables, of or through partially fully the our tracking strategy $XX impact $XXX million. There that couple share a forecast EBITDA market gains in the our market to year Market XXXX

year. If natural first assume commodity price may natural demand there be triggers to activity and gas In do guidance, upside drilling is rebound the completions in The gas. not our increase, a later a we in some activity. meaningful

The tariffs. second variable is

most in believe be optimization. impacts impacts not see we we chain and families, result short-term This supply position may are tariff a through to mitigate and pricing our immediately, in achieved increased may we in variability For and product with pass businesses.

accordingly. situation fluid to We and are adapt continuing monitor will this

to Lyle, Before turning deployment over capital I framework. summarize our the to would like call

$XX forecasting between free cash First, to flow we million $XX are XXXX million.

the I'm the reduction. provides to current investments, call on this FET's We yield, back we The XX% to right. details free other have and shares cash yet quarter fourth over flow highlights. to opportunities industry-leading would towards financial more of than value remaining Lyle repurchases. debt for acquisition value turn to net expect free investment FET. evaluate We continually compare With share better best allocate FET to shareholders. All to cash strategic relative XX% find and results to going go our a Buying ourselves. including flow now

David Williams

Thank is free in Good you, cash strong provide why believe cash and flow sustainable. future we details the to flow performance pleased am on morning. I free Neal. generating our

the built working million cash. from $XX sustainably mid-December year allows latest Monetizing sale-leaseback end full paid results annual our million XXXX, the we For transaction better highest top is generated of higher cash million flow. sales we real $XXX foundation This remain return. We redeploy and announced us capital cash generating of these $X than by These initiatives to estate meaningful for net and decreased, confident capital $XX of meaningful to since guidance. flow. benefited our days the free dropped for we the assets reductions. as key Inventories XXXX in free the amount dividends. generate outstanding a in have Also, million

while XXXX of million capital Our expenditures capital to tax guidance transaction. the million cash and would mentioned, Included further guidance XX% simultaneously another as cash debt. in the our This note $XX committed payments net maintaining are net sale-leaseback interest to our and our $XX is allowing of release flow reduce flow, conservative are our to year strong of guidance us with of consistent free that $XX to working about $XX free Neal debt reduce important shareholders. It around excluding returning we XXXX reflects is million leverage. net of cash million. and large result, to further And of cash

increase remaining value. investments strategic Our would that be flow shareholder cash free used for

FET. an million. stock the of is At believe our As already shares said for our time, a we we shareholder of we conditions And find approximately amount begun. to hard undervalued, January, the than we in before, $X investment In stock repurchases. have address repurchased bonds it have of that is our aggregate met X returns and XXX,XXX better

previous XX% fiscal proceeds. can the we flow, free year's excluding repurchase up sale-leaseback First, cash to the of

So we XXXX, have $XX capacity. million for of share repurchase over

leverage our repurchases. Second, be net X.Xx pro below must for forma ratio any

this million debt maturities with the of To of credit be for on put in the our with cash the retired ended November, of large We repurchases hand cash when that this in we $XXX incurrence expect total transformational cash strong our flow, weighted With our half with the second retired to free Variperm be under perspective, and million year to seasonality of And $XX be. acquisition. acquisition. available and of we free revolving incurred debt test million for we within fortified our this facility a of year. We liquidity X/X factor will year. balance repurchases debt Going connection million. XXXX. Based added of have $XXX sheet the until we with flow, the limiting how on our the year completed can $XX forward, refinancing closing, in this no this bond

X.XXx. from $XXX million, Our quarter year net last for ratio million debt a net of ending was $XX down leverage

not consolidated margin statement, EBITDA income products. we the of On lower million was decrease quick revenue our sequential by to the $XX fourth impacted in fourth X EBITDA negatively but activity a our In that and of and net our revenue, U.S. items EBITDA. unusual impact slowdown high-profit ranges. recorded were in guidance income completions The our sales within of quarter, $XXX quarter turn, led million noncash

test market these assets a and an product down. charge conditions, the assets should be written recorded coiled we intangible value on our of impair the Based $XXX performed of to million tubing First, impairment carrying of determined line. we fully

will valuable profitability this technology. FET tubing forward, by a annual $XX with expense million. reduce contributor and Going differentiated Coiled to remains our strong amortization

income reserves for held noncash we tax allowance also an the We that by Saudi to recorded million Germany releasing benefit valuation and $XX expense Arabia.

in reserves. to more appropriate operation these profitable, each country our is become As it have release

and U.S. iron to tubing volumes which XX% revenue due quarter and large sales will increases my decreased quarter and down of product was XX% details Orders of to completions-related XXXX. and comments conclude the lines. I in lower. stimulation drilling our cable, decreased equipment these of Lift first downhole to including across up desalting volumes the for XX% third coiled mix. segment capital higher-margin Artificial and Downhole equipment in providing products. orders catwalks. The primarily production $XXX and by were with lower increased with results. lower segment relative refinery and forecast the our unfavorable segment technology quarter, XX% Drilling product and were The roughnecks sales were EBITDA lift XX% demand Turning and by equipment, modeling related revenue growth included Sales to artificial activity, products Completions Segment sales for up X%, wireline led increased EBITDA our our orders million,

we estimate corporate year million. and million amortization $XX full $XX of depreciation expense costs of tax the of $XX For and expense XXXX, million,

full to these reduction around quarter guidance progressive a of quarter are the lease million we improvements sale-leaseback values in a our guidance XXXX from which of be range ABL's the of are publicly year. million year quarterly with assume We of customers year. be Therefore, transaction million. throughout perspective, $XX additional range a We slower have Included assumes in balance our amounts. From first interest our the of quarter $XXX $X.X annual million and first $XXX in expecting EBITDA many to $XX million expense, through in expect roughly $XX indicated the to and million of year. revenue the X/X to first expenses per

Our annual management first and free by be flow property cash incentive impacted will quarter taxes. payments

free do first we quarter. anticipate free in basis, cash flow a we the quarterly not do cash specific positive flow guide generating While on

back Neal remarks. turn me to the Let for call closing Neal?

Neal Lux

Safety note one years, is over our to more done achievement job, Lyle. I want our an keeping XXXX. outstanding #X have And the core from safe. employees you, we value. Thank

pleased FET significantly improved the were The This ecstatic and to culture. a we embraced to announce with challenged and ourselves the we Job question. improve thank our well While are our results, I and Last our done. Gigi, their I achievement, to we dedication. satisfied. initiatives world-class of hard exceeded want we not metrics work expectations. radically first our take for our is and fantastic please to levels. am key employees past safety performance year, teams

Operator

[Operator comes from Instructions] from Energy Daniel Partners. Daniel of question line Our the John first

John Daniel

through take copious to your you're trying notes Neal, as I was prepared going remarks.

it new you something if and product think will tied mobile to do can so, about set? I I elaborate a that what correctly? on opportunity you Did hear is, the what mentioned And power. it

Neal Lux

Yes.

-- the So call. good

we in [ that that ]. have we So we is called heat This -- our exchanger product market. gen segment, power PowerTron our into a supply the

of So recip leading it's a our share the frac builds paired kind in It gas engine. with off industry. market

this we've so side. adopted product the to power really to And fit gen

orders and side. a pretty robust, there. looking we're on closing So kind start we've of had forward the to good a to some the year It's been quotation

John Daniel

Those would be Okay. all domestic...

Neal Lux

our -- the Yes, line power think I well, our it as in I there is pipe another would be think as does for demand, increasing centers apply product bringing data think that domestic. we us the to And about in as gas well. coiled

John Daniel

And it. completion on the of stuff. then sort Got traditional Okay. of sort one coil just wireline

As moderated Do thoughts where X quarters to working their setup inventory? in tad, a see you they're seeing to orders? those you a have through are Just get from orders X a I you're mean, spike sense any now, to the going there? X

Neal Lux

Yes.

So I turning think well basis, coiled on getting are consumed tubing, cables, consumable the wireline which and land. for a U.S. those

year maybe type few next capital that radiators, equipment a items for into it's are say, looking are the or that, spike, things quarters that heads whether ages. power I more right, out, later year think you as this products, it's Our whether or as a like those

Operator

line Instructions] [Operator Stonegate. from Dave comes of the next Storms from Our question

David Storms

of start wanted takes on with Just puts to maybe guidance. the and some

the despite overall decrease the weakness, looks your it mentioned Market strategy but maintain about year-over-year. EBITDA top some help like is still maybe the that should Beat a You X% midpoint market guidance line

you mix price drive decisions or volume hoping would the that. could margin speak maybe Just some assumptions to of that

Neal Lux

Yes.

look market the XXXX, we be down could said out we as X% to think I to X%.

that guidance range So the are to fully either EBITDA or is really, how market really we there offset put we partially decline. in successful

at you So down say, lot share low as we market see I midpoint, and market, maybe but a X%, share. it, gain let's of let's down, call end think X%, the down gain we the at a don't the little or where more could much the the

give range. end the market add top to we Ideally, of wanted flat stays we'd of be we that So kind to range. if and revenue, the that closer

David Storms

seeing helpful. kind a It to just you I of been decline very for you X% with strength? of know guys. That's a has any X%, Understood. are bright to the pockets expected on that, choppy to could market be international And little spot. general

to as if there. shoots Just that out curious there's are seeing green you any

Neal Lux

really it think product I side. is on of types the more

nice to I start a the think our consumables, year. seen we've

think capital slower our their I start is budgets to a customers as together. still little get

for for think it's to to us, spot see year. think to We'll good probably year be start -- to whether good year. all think lighter, North Kuwait, Saudi, that can international a going if hold. in going I is again, Dhabi, be little And Oman, pretty the maybe a for this overall, it's outside the whether Abu then Canada America, but I bright a be us are I going

Operator

Research. comes question Tower of from line the Our next from Jeff Robertson Water

Jeffrey Robertson

Neal, XXXX over you market in talked years. about gaining last and X the share

As in And think are lines? lower so, you market in favorable in you still areas have grow other market those ones would to impact that conditions XXXX, on look are share? a product where there at room if -- those maybe are versus have lines the margins you sales

Neal Lux

question. great a that's No, Yes.

is want focus Our share. profitable we grow to market

higher the that So to have share. that do our gain where the key time putting those to we margins incentivized lines teams product are we've

It's the ] Artificial new areas the Downhole, products that high that Lift I as think our over MagnaGuard Plus. lot margin. Pump a segment, we've [ added Saver of one and the well I year. So mentioned as our

to continue portfolio. build out We product that

So I obvious of think power mentioned gen. an pipe I earlier that's on line coiled the growth. area

well. be there projects that We seeing international are offshore nice as could boost a also that are

gain share our think don't I So is done.

have over we a time, focused And on we and runway executing that think beating good that. think absolutely I market are strategy. on I

Jeffrey Robertson

group tested where that in mentioned, interest been to of a On it broader getting Unity you're from the products customers? remote has for the the system ROVs, point control you field more

Neal Lux

early, one customer, QX huge but area it systems in a off today. that's here an yes, still We We're have where so is into with I right to it now. taking customers. We're middle But of it's we for here. savings pushed personnel our QX. just utilizing in in delay the testing it think it's delivered had going vessels, little them We're those actually Yes. QX a

executing a really, So that, is deal. think, really I good us

for I and exciting, installed great ROVs, upgrade us. opportunity that's what's our is a could think too, we existing

Jeffrey Robertson

respect do shareholders, versus just share the of on all you possibility valuations look options the you give as FET cash market? returning broadly with a talked past, the the Does at In you the flexibility think, dividend. most acquisition I have, to of the about to seeing plan, you guess, that you're the the value repurchase in

David Williams

to valuation do such Yes, don't capital FET Jeff, we plans could that's dividend like At invest one. relative and I'll given specific where it's really any versus the take that a ought in, we things other we this point, be. stock screaming have of buy feel that

So that flow. our that's our cash of now for focus for XX%

the cash net will continue would if think like debt market reduction. on of that XX% midpoint is our use of our $XX of other half just guidance million, to that million, about to just be our the feel of take kind I cap. go XX% you We of $XX

if this time, very the the net like that's down period over of same something pull we And a X.Xx, big leverage at amount. achieve can year, same X.XX, that time. So we in our that to

Operator

Instructions] from [Operator next Steve Our line Ferazani question Sidoti. comes from the of

Steve Ferazani

follow of couple questions. want I earlier did to up the a

successful to was from of talk. a Variperm about at pretty terms that trying and your on producers, some In pre-tariff completions, individual to healthy sands high margin. of in seeing oil bigger decline think we I'm X% breakdown In just X% has the drilling guidance December, your been markets. saw really but

kind for You of any said point? you. this expecting of up Are Are any that impact? kind healthy seeing you you started at Canada impact

Neal Lux

Yes.

Canada, -- fourth good quarter. was think the I a it in

of seen that, start boy, a first the as from good tariffs. the do rig haven't think I analysis. of we impact yet I as something lot an count been has It's here well quarter.

XX% to did that we crude. if we'd slowdown tariff to think oil Canadian come sure. adjust we would be That could for something that through a on see have have I

Steve Ferazani

side border, how in know don't half? first of Okay. And very much I soft. the that Could exposure and the Mexico, obviously country you then other hit the country, but to

Neal Lux

Yes.

our part to limited. is Mexico a small fairly of business. exposure really Our It's

So not as concerned there.

I think is primarily America North the for U.S. and us Canada

David Williams

And me more there comment -- maybe jump in how about just give the I'll thinking on a on it. Steve, little to let tariff we're color

But don't we And we the early prior like. that looked that with experience mentioned, guidance It's included have regimes in any really Neal tariff outcome, have our tariff our that, As too our -- impact view we would is probably do be of what provided. and we just happened offerings, with what given understand. a in have similar a lot is product pass that to and and that customers, have expectation. on ability increases tariff market our first, our the our to position to we

and results. the from out, the it, markets definitely call that uncertainty that let's can in However, or volatility come a be choppiness until bumpiness near-term, settle could

So we there, really have something monitoring our don't anything to make are and definitely we we're take in teams appropriate but the actions. daily that watching sure

Steve Ferazani

one extremely Excellent. sheet, obviously, balance in, If get strong. your more I

of and Variperm to of flat if I sort noted buybacks. outperformance say the next open slightly down soft in from it given sheet, and and emerge ready the we understand to returns environment, You not to up jump you opportunities up If the this comes balance would? that Are better the Variperm. end share year, might new

Neal Lux

Yes.

the of right, looking shares opportunities our I if out comments, I at about in we -- relative talked again, our we can value, think there. think versus

in fantastic relative think love the another an add acquisition, saw I We'd Variperm, we you one. value we mentioned, great if as team. absolutely to think -- acquisition, would I So

Operator

the Carlson comes [ question ]. [Operator Eric from Instructions] Our line next of

Unknown Analyst

year, the through have then think and clearly, a bit attributed maybe of numbers impairment just grab to you lot income impairment mean, forget I headline QX, it quick of and But math, the of I the kind the mean, of just EPS probably a that FX -- $XXX my to of charge large expense. with higher wondering the was but over loss kind I a for kind attention. interest then a charge and million lot but in was little I talk the of

look So to maybe it so like statement, go-forward basis, more expenses on set feels one-offs a the transaction instead of from just forth. at a bit these all kind if on little just of and up income so and be it's you normalized

interesting. So maybe thoughts there a be would just few

Neal Lux

Sure, lot definitely Eric. And there. noise in a of

negative draw minute at And of the look year table So in to show at back those, if driven on our just I about really we a X.X% from actually release income the What you on we that year-over-year down on But adjusted Variperm guidance, is basis. for year-over-year interest to meaningful kind attention down improvement a net with income if our XX%. our your numbers. that? debt our earnings adjusted basis, would expect to by of million. now with is want acquisition negative net expense like the $XX that those, those full a you That's really added a and look spend coming and net

So better. XXXX be should

year-over-year place little an and other Pillar minimum there. Again, that out tax that's X to increase was there a tax was global to this Variperm increase tied The due a bit on expense.

through that this already we've of have lower to that, we be restructured some we'll guidance able have. a go-forward and tax year, So

forward, result much improved amortization between set taxes and EPS a lower lower income up we're forward, So items, in for lower net interest versus expense XXXX. those forward, going XXXX

Unknown Analyst

looking I cash then of -- flow numbers. helpful. and kind That's guess at the Okay. just

that So XX% and from of market obviously, about full finished good current operations. strong, but the just of a for generated majority cash year, very in cap

least ], and find But almost a that's the guys [ at of for couldn't kind EV mean maybe so EBITDA statement I'm is looks So kind at I return of to to trade value. I of up in few on. did -- kind kind the capital of ], some quick on but it maybe people X.XX kind have peer context and of the the information incentives group, of you X, I excluding XX% brought of thinking the know like median under of ton my you you're about I proxy stated math, sense. that. to value, deploying to obviously, there? And makes getting I of I think surety you flow it -- lot that on relative by XX% of cash think kind when a needed of XX%, mean kind strategic buyback free by what when know can per flywheel a just on capital, by what a increases the the shares, like buy a repeat is versus the I of There's share and if put about relative my share I outside. discount that can acquisition of ways value kind X.X maybe a relative [

Like Does to Or to again? just do think to about be be helpful. EBITDA, maybe seems stock Variperm that some But that just a do under need So of what you I -- can it buy able it need maybe be different if rate? buy Xx stock would thinking to to Xx? your because the to buying provide can hurdle obviously, be really like that ways hurdle you need your a buy does because no-brainer. I at what's like rate the if context --

Neal Lux

Yes.

tight think go put in back markets. flow strategy, want we would in an of we'd get think, lot multiples accretion that want by a share, want I a to to products differentiated And to of those. key per niche one We and our cash have ourselves I acquisition companies be adding to We sheet debt. to guideline balance have don't right? what's

just stick our there. would really So with specific as think I guidance as far rate, a we hurdle

we'd basis. on look a it case-by-case think I at

would be that. point big I to a accretion think

and -- it it would it to I to sit be got find get think discount has the And to price deal -- we be the we right really where right the to done. the at so right right

Unknown Analyst

comment kind bondholder little a just bit what terms -- mean, maybe blocks terms you really one And in know least shares, Can probably the That's of some provide kind have. limitations source heavily weighted are was then kind I I buyback, in I maybe your of to of opportunity at holding, deploying more to then Okay. at of large XXX,XXX just filings. volume helpful. of shares. I already mean, looking mean there's of and still the daily still in larger some

So you some when you just I maybe most deploy effectively, think about provide how mean, that context.

Neal Lux

prepared factor Sure. talked remarks, buyback. the Eric, really in limiting the about going for net pro forma ratio to be our I our leverage X.Xx is

under Obviously, So that, kind the number. quarter able get to we pro as forma ended increases to just that fourth shares, that be we of opening some buy for done. door us things back

the in So free QX. part of cash QX lighter generate the year, lighter flow later opens probably I and stronger us. say in we'll opportunity through guided year, Well, which then for up in the

I want make we market the open look at think thing sit we would do is we the other harbors. we to safe purchases, sure within appropriate

be we're of average volumes and in would daily us. So limited trading terms what that for

kind So open kind market of be an an that would opportunity. of

that amount we I at So able think look we short a of when January, in of we get in those. to were There's done plenty did buy, volume out there. days. And

X.Xx we'll us. more are could the for able measure focused shares. quickly think in get when be under relatively do I we to that those So be buy that opportunity market, up some But we that, that provides of we as and on

Unknown Analyst

you kind with the kind said would of it's be would flow math, so But come in cash based obviously, -- million on $XX available. then And the under projections, Okay. it that. -- of

Neal Lux

That's right.

Unknown Analyst

And as in then of it some the advantage years you the well. last able last generating to of sale of like you at my flow have this do did cash take question year, things end kind previous leaseback would be, to -- been maybe the one-off

low-hanging generate to any if cash out above other wondering Just kind fruit there kind of of there's and beyond operations?

Neal Lux

Yes.

like from both numbers. And we million to cash So $XX those of in the big if any incremental doesn't million benefit guided, capital an increase, and guidance you It $XX doesn't working also at contributors our really, leaseback. include flat any sale So were the right? include what or XXXX. look asset assuming that kind monetization of

we'll to both ways look side. at continue that, So capital to working do on the

are inventory reduction. teams on focused Our very

these Given here we're condition days. getting with on and on around potential too inventories tariffs, prudent market what's going the not kind being short of

course our look all where think that we'll back to we and want returns on then portfolio, want portfolio, it's the -- balance year. our and we we I can the returns give. new have clearly, improve make So we be that about as And will portfolios both what to to at cash those through might trim something of the how returns additions do product

but we'll nothing be looking well, point. at guidance this our in at included So those as specific

Operator

like Lux back over the to Neal to remarks. now closing would I turn conference for

Neal Lux

in to you today's thank Well, call. look in XXXX next participation and discuss meeting May support our for first Okay. results. your our to quarter We forward

Operator

This conference participating. call. concludes today's for you Thank

You may now disconnect.

Forum Energy (FET) 21 Feb 252024 Q4 Earnings call transcript