Flotek Industries, Inc. (NASDAQ:FTK) reported its results for the first quarter. Flotek Industries, Inc. is a global supplier of drilling and production related products and services to the oil (NYSE:USO) and gas industry.
Flotek Industries Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $10.4 million (13 cents/diluted share) in the quarter. Flotek Industries, Inc. had a net loss of $9.5 million or a loss 60 cents per share in the year earlier quarter.
Revenue: Rose 86.5% to $52.9 million YoY.
Actual vs. Wall St. Expectations: The mean estimate was a loss of 13 cents per share.
Key Stats: FTK’s profit in the latest quarter follows losses in the three previous quarters. The company reported a net loss of $26.6 million in the fourth quarter of the last fiscal year, a loss of $1.2 million in the third quarter of the last fiscal year and a loss of $6.2 million in the second of the last fiscal year.
Gross margins grew 11.7 percentage points to 40%. The growth seemed to be driven by increased revenue, as the figure rose 86.5% from the year earlier quarter while costs rose 56%.
Over the last five quarters, revenue has increased 50% on average year over year. The biggest increase came in the fourth quarter of the last fiscal year, when revenue rose 93.3% from the year earlier quarter.
Competitors to Watch: Cameron Intl. Corp. (NYSE:CAM), Dril-Quip, Inc. (NYSE:DRQ), National-Oilwell Varco, Inc. (NYSE:NOV), Baker Hughes Incorporated (NYSE:BHI), Oil States Intl., Inc. (NYSE:OIS), Lufkin Industries, Inc. (NASDAQ:LUFK), FMC Technologies, Inc. (NYSE:FTI), Bolt Technology Corp. (NASDAQ:BOLT), Tesco Corporation (NASDAQ:TESO), Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Weatherford (NYSE:WFT), and Newpark Resources, Inc. (NYSE:NR)
Stock Performance: Shares of FTK are up 4.76% this morning following yesterday’s close.