Rising costs hurt Flotek Industries Inc. (NYSE:FTK) in the first quarter as profit dropped from a year earlier. 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 First Quarter
Results: Net income for Flotek Industries Inc. fell to $3.6 million (7 cents per share) vs. $10.4 million (13 cents per share) a year earlier. This is a decline of 65.2% from the year-earlier quarter.
Revenue: Rose 49.7% to $79.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Flotek Industries Inc. fell short of the mean analyst estimate of 18 cents per share. It beat the average revenue estimate of $72.7 million.
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 72.2%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 87.7% from the year earlier quarter.
Last quarter, the company’s gross margin expanded 2.3 percentage points from the year-earlier quarter to 42.2%. It was the fifth consecutive quarter of gross-margin growth. In this period, margins have grown an average of 4.7 percentage points per quarter on a year-over-year basis.
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the fourth quarter of the last fiscal year, it topped the mark by 5 cents, and in the third quarter of the last fiscal year, it was ahead by 12 cents.
Looking Forward: Expectations for the second quarter have not changed from 19 cents. The average estimate for the fiscal year has remained at 89 cents per share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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