Flotek Industries Inc

NYSE:FTKUnited States

Nov 4, 2024

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• -- Earnings Flash (FTK) FLOTEK INDUSTRIES Posts Q3 Revenue $49.7M, from 4:09PM ET on Monday Nov 04, 2024 by MT Newswires

  4:09PM ET on Monday Nov 04, 2024 by MT Newswires
  Companies Mentioned: FTK
  04:09 PM EST, 11/04/2024 (MT Newswires) -- ...

• Flotek Announces Increased 2024 Guidance, Improved Revenue, and Continued Profit Growth in Connection with Third Quarter 2024 Results, from 4:01PM ET on Monday Nov 04, 2024 by PR Newswire

  4:01PM ET on Monday Nov 04, 2024 by PR Newswire
  Companies Mentioned: FTK

  Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the quarter ended September 30, 2024, highlighted by significant improvement in profitability metrics as compared to the third quarter of 2023. Due to the strong results achieved through the first nine months of the year, the Company increased its 2024 profit guidance.

• *DJ Flotek 3Q EPS 8c >FTK, from 4:01PM ET on Monday Nov 04, 2024 by Dow Jones

  4:01PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: FTK
  ------------------------------------------ ------------------------------------------ 2024 2023 2024 2023 -------------------- -------------------- -------------------- -------------------- Gross profit $ 9,119 $ 9,047 $ 27,108 $ 14,833 Stock compensation expense 3 2 9 (135) Severance and retirement -- -- 9 26 Contingent liability revaluation (19) (61) (46) (384) Amortization of contract asset 1,592 1,276 4,341 3,665 -------------------- -------------------- -------------------- -------------------- Adjusted Gross profit (Non-GAAP) (1) $ 10,695 $ 10,264 $ 31,421 $ 18,005 ==================== ==================== ==================== ==================== Net income $ 2,532 $ 1,287 $ 6,068 $ 22,609 Interest expense 256 160 842 2,537 Income tax expense 37 81 293 98 Depreciation and amortization 220 181 662 530 -------------------- -------------------- -------------------- -------------------- EBITDA (Non-GAAP) (1) $ 3,045 $ 1,709 $ 7,865 $ 25,774 ==================== ==================== ==================== ==================== Stock compensation expense 272 268 915 (574) Severance -- 2 32 (28) Contingent liability revaluation (19) (61) (46) (384) Gain on disposal of assets -- (38) (34) (38) PPP loan forgiveness -- -- -- (4,522) Contract Consideration Convertible Notes Payable revaluation adjustment -- -- -- (29,969) Amortization of contract asset 1,592 1,276 4,341 3,665 Non-Recurring professional fees (50) 236 230 3,612 -------------------- -------------------- -------------------- -------------------- Adjusted EBITDA (Non-GAAP) (1) $ 4,840 $ 3,392 $ 13,303 $ (2,464) ==================== ==================== ==================== ==================== (1) Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the income and expenses noted above to be outside of the Company's normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.
  

• Flotek Announces Increased 2024 Guidance, Improved Revenue, and Continued Profit Growth in Connection with Third Quarter 2024 Results, from 4:01PM ET on Monday Nov 04, 2024 by Dow Jones

  4:01PM ET on Monday Nov 04, 2024 by Dow Jones
  Companies Mentioned: FTK
  ------------------------------------------ ------------------------------------------ 2024 2023 2024 2023 -------------------- -------------------- -------------------- -------------------- Gross profit $ 9,119 $ 9,047 $ 27,108 $ 14,833 Stock compensation expense 3 2 9 (135) Severance and retirement -- -- 9 26 Contingent liability revaluation (19) (61) (46) (384) Amortization of contract asset 1,592 1,276 4,341 3,665 -------------------- -------------------- -------------------- -------------------- Adjusted Gross profit (Non-GAAP) (1) $ 10,695 $ 10,264 $ 31,421 $ 18,005 ==================== ==================== ==================== ==================== Net income $ 2,532 $ 1,287 $ 6,068 $ 22,609 Interest expense 256 160 842 2,537 Income tax expense 37 81 293 98 Depreciation and amortization 220 181 662 530 -------------------- -------------------- -------------------- -------------------- EBITDA (Non-GAAP) (1) $ 3,045 $ 1,709 $ 7,865 $ 25,774 ==================== ==================== ==================== ==================== Stock compensation expense 272 268 915 (574) Severance -- 2 32 (28) Contingent liability revaluation (19) (61) (46) (384) Gain on disposal of assets -- (38) (34) (38) PPP loan forgiveness -- -- -- (4,522) Contract Consideration Convertible Notes Payable revaluation adjustment -- -- -- (29,969) Amortization of contract asset 1,592 1,276 4,341 3,665 Non-Recurring professional fees (50) 236 230 3,612 -------------------- -------------------- -------------------- -------------------- Adjusted EBITDA (Non-GAAP) (1) $ 4,840 $ 3,392 $ 13,303 $ (2,464) ==================== ==================== ==================== ==================== (1) Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the income and expenses noted above to be outside of the Company's normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.