Flotek Industries Up 22.78% To $3.45 After Earnings Miss

Flotek Industries Inc (FTK) missed earnings projections on 3/12/2024 for Q4 2023.

The consensus among analysts for Flotek Industries was for an earnings per share (EPS) of $0.09. The firm failed to meet those projections, reporting an EPS of $0.07, a negative surprise of $0.02 (-22%). Profits rose 105% year-over-year after reporting an EPS loss of $1.50 per share in its year-ago quarter. The positive growth rate signals that the Energy company is performing well amid recent economic conditions.

Consensus analyst estimates were at $47.3 million. The Energy company missed on those expectations for its fourth quarter with revenue of $42.2 million, a negative revenue surprise of $5.1 million (11%). The firm managed negative 13% growth year-over-year due to Flotek Industries reporting quarterly revenue of $48.2 million in its year-ago quarter. Flotek Industries achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is up 22.78% to $3.45 after the report.

Flotek Industries's profit margins took a hit as earnings fell at a faster pace than revenues.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 2.

Flotek Industries Inc delivers chemistry-based technology solutions for energy, industrial, and consumer applications. It develops and supplies chemistry and services to the oil and gas industries, and high-value compounds to companies that make food and beverages, cleaning products, cosmetics, and others. The company operates in the Chemistry Technologies segment which designs, develops, manufactures, packages, and markets chemistries that market specialty chemicals. Its Data Analytics segment enables users to maximize the value of their hydrocarbon-associated processes by providing analytics associated with the streams in seconds rather than minutes or days.