Flotek Industries Inc. (NYSE:FTK) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Flotek Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 36% to $0.16 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Rose 19.54% to $93.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Flotek Industries Inc. reported adjusted EPS income of $0.16 per share. By that measure, the company missed the mean analyst estimate of $0.19. It beat the average revenue estimate of $91.37 million.
Quoting Management: “The second quarter of 2013 was and will continue to be a transformational tipping point in the history of Flotek Industries,” said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. “Not only did ‘Flotek Classic’ post the second-best quarterly revenue in the Company’s history, it also completed the single-most important acquisition in the Company’s history in Florida Chemical. Not only does the Florida Chemical combination secure supply of the key ingredient in Flotek’s patented suite of advanced oilfield chemistries, it immediately provides a plethora of additional products to Flotek’s already robust chemical technology offerings. Moreover, it expands Flotek’s reach into key consumer markets and provides opportunities to intensify and reinvigorate our commitment to environmental stewardship in the oilfield. Most importantly, I believe it uniquely positions Flotek for significant growth for the balance of 2013 and beyond.”
Key Stats (on next page)…