Flotek Q3 net income doubles to $2.5M, raises 2024 adjusted EBITDA guidance to $16.5-18.5M

FLOTEK INDUSTRIES INC/CN/

2024-Q3 EPS reported $0.20 revenue$136,267,000

Q3 revenue $49.7M (+5% YoY); net income $2.5M ($0.08 EPS) vs $1.3M ($0.04 EPS) YoY.
Adjusted EBITDA $4.8M, up 43% YoY; eighth consecutive quarterly improvement.
2024 adjusted EBITDA guidance raised to $16.5-18.5M (midpoint up 9% from prior).
Data Analytics revenue up 58% YoY; flare monitoring contributed 25% of segment revenue.
SG&A reduced 12% YoY; borrowings cut 81% ($6.1M) from year-end 2023.

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