Published on 13 Mar 2024 on GuruFocus.com via Yahoo Finance
Flotek Industries Inc (FTK) Reports Significant Turnaround with $67 Million Improvement in Net ...
Net Income: Flotek Industries Inc (NYSE:FTK) reported a remarkable year-over-year improvement in net income, turning a $42.3 million loss in 2022 into a $24.7 million profit in 2023.Gross Profit: The company saw a $31 million increase in annual gross profit, marking a significant recovery from the previous year's loss.Revenue: Full-year revenue surged by 38% to $188.1 million in 2023, up from $136.1 million in 2022.Adjusted EBITDA: FTK achieved a positive adjusted EBITDA of $1.5 million for the full year, a substantial shift from a negative $26.2 million in 2022.Data Analytics Growth: The Data Analytics segment, led by JP3 revenues, grew by 47% to $8.1 million, indicating strong growth potential.
Warning! GuruFocus has detected 3 Warning Signs with FTK.
On March 12, 2024, Flotek Industries Inc (NYSE:FTK) released its 8-K filing, detailing a transformative year with significant improvements across all profitability metrics. The company, known for delivering chemistry-based technology solutions for energy, industrial, and consumer applications, has reported a substantial turnaround in its financial performance for the year ended December 31, 2023.