Published on 7 May 2024 on GuruFocus.com via Yahoo Finance
Flotek Industries Inc (FTK) Q1 2024 Earnings: A Mixed Financial Picture Amidst Revenue Decline
Revenue: Reported $40.4 million in Q1 2024, dropping 16% from $48.0 million in Q1 2023, and falling short of estimates of $45.09 million.Net Income: Achieved $1.56 million in Q1 2024, a significant drop from $21.34 million in Q1 2023, yet exceeding estimates of $1.10 million.Earnings Per Share (EPS): Recorded $0.05 in Q1 2024, aligning with estimates.Gross Profit: Increased to $8.82 million in Q1 2024 from $1.88 million in Q1 2023, reflecting a 369% improvement year-over-year.Adjusted EBITDA: Improved to $4.03 million in Q1 2024 from a negative $3.85 million in Q1 2023, marking the 11th consecutive quarter of improvement.Debt Reduction: Reduced borrowings under the Asset Based Loan by 58% compared to year-end 2023.Future Outlook: Expects substantial increases in margins and adjusted EBITDA for 2024, forecasting adjusted EBITDA to range between $10 million and $16 million.
Warning! GuruFocus has detected 5 Warning Signs with FTK.