Flotek Industries Inc. Earnings: Beats Estimates with a Swing Up
Flotek Industries Inc. (NYSE:FTK) reported its results for the fourth quarter. Flotek Industries is a global supplier of drilling and production related products and services to the oil and gas industry.
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Flotek Industries Earnings Cheat Sheet for the Fourth Quarter
Results: Reported a profit of $10 million (20 cents per diluted share) in the quarter. Flotek Industries Inc. had a net loss of $26.2 million or a loss of 95 cents per share in the year-earlier quarter.
Revenue: Rose 57.8% to $74.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Flotek Industries Inc. beat the mean analyst estimate of 15 cents per share. Analysts were expecting revenue of $73.8 million.
Quoting Management: “Members of the Flotek team should be very proud of all they accomplished in 2011,” said John Chisholm, Chairman and President of Flotek. “The ability of a company and its team to transform its financial standing as well as reengineer its way of doing business and still post ‘best in class’ growth is a testament to the dedication, spirit and perseverance of every member of the Flotek family from the corporate office in Houston to each field location from the Rockies to Appalachia and the Gulf Coast to the Permian Basin. While we are pleased with our progress, it only makes us thirsty for more and our team will accept the challenge to post even better results in 2012.”
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 80.9%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 93.3% from the year earlier quarter.
The company has now beaten estimates the last two quarters. In the third quarter, it topped expectations with net income of 21 cents versus a mean estimate of net income of 9 cents per share.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past month, the average estimate for the first quarter of the next fiscal year has gone up from 17 cents per share to 18 cents. The average estimate for the fiscal year has seen a bump from 67 cents per share sixty days ago to 68 cents.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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