Flotek Industries Earnings: Strong Margins Continue, but Net Income Falls
Flotek Industries Inc. (NYSE:FTK) reported its results for the third 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 Inc. Earnings Cheat Sheet
Results: Net income for Flotek Industries Inc. fell to $9.8 million (19 cents per share) vs. $17.9 million (35 cents per share) a year earlier. This is a decline of 45.3% from the year-earlier quarter.
Revenue: Rose 4.8% to $78.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Flotek Industries Inc. fell short of the mean analyst estimate of 21 cents per share. It beat the average revenue estimate of $72.7 million.
Revenue has increased for four consecutive quarters. Revenue increased 40% to $78.3 million in the second quarter. The figure rose 49.7% in the first quarter from the year earlier and climbed 57.8% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by 9 cents, and in the first quarter, it was ahead by 8 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 24 cents a share to 22 cents over the last ninety days. For the fiscal year, the average estimate has moved down from 76 cents a share to 75 cents over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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