Significant Backlog Growth
The company's backlog increased by 21%, reaching its highest level since 2015, driven by several offshore and international awards.
Strong Free Cash Flow and Share Repurchases
FET achieved its ninth consecutive quarter of positive free cash flow, up 21% year-to-date, and repurchased 5% of shares outstanding in the third quarter, totaling 8% for the year.
Record Book-to-Bill Ratio
The company reported a book-to-bill ratio of 122%, with segments achieving 129% and 112% respectively, indicating strong demand across products.
Cost Savings and Efficiency Improvements
FET achieved $23 million in EBITDA, up 13%, with margin improvements due to cost reductions and efficiency gains. The company is also on track to achieve $15 million in structural savings by 2026.