Flotek Q1 net income $1.6M, adjusted EBITDA $4M vs -$3.9M YoY; FY24 EBITDA guidance $10-16M

FLOTEK INDUSTRIES INC/CN/

2024-Q1 EPS reported $0.05 revenue$40,374,000

Revenue $40.4M (-16% YoY); gross profit $8.8M (+369% YoY); gross margin 22%.
Adjusted EBITDA $4.0M vs -$3.9M in Q1 2023; 3rd consecutive quarter of net income.
Diluted EPS $0.05 vs -$0.12; prior year net income benefited from $30.6M non-cash gains.
FY24 adjusted gross profit margin guided 18%-22% (vs 15% in 2023); adjusted EBITDA $10M-$16M (vs $1.5M).
ProFrac related revenue up 19% sequentially; data analytics segment revenue up 18% QoQ.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FLOTEK INDUSTRIES INC/CN/ updated its full year 2024 guidance (initiated).

Period: full year 2024
Guidance: initiated
Result: guidance update

Exact text from the filing

Flotek expects 2024 adjusted gross profit margin (2) to range between 18% and 22%, as compared to 2023 adjusted gross profit margin (1) of 15%. The Company expects 2024 adjusted EBITDA (2) to range between $10 million and $16 million as compared to $1.5 million in 2023 (1).

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FLOTEK INDUSTRIES INC/CN/ reported the quarter ended March 31, 2024 results: revenue $ 40,374, net income $ 1,562, EPS $ 0.05 per diluted share.

Period: the quarter ended March 31, 2024
Revenue: $ 40,374
Net income: $ 1,562
EPS: $ 0.05 per diluted share
Result: reported results

Exact text from the filing

Total Revenues $ 40,374 $ 48,007 (16)% Gross Profit $ 8,821 $ 1,880 369% Adjusted Gross Profit (1) $ 10,075 $ 2,647 281% Net Income $ 1,562 $ 21,343 (93)% Diluted Income (Loss) Per Share $ 0.05 $ (0.12) n/a

View on SEC.gov

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Source: SEC EDGAR

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