Revenue for the quarter hit $114.4 million, more than doubling year-over-year and comfortably outpacing the $94.4 million consensus estimate from FactSet. While the top line flourished, net profit dipped to $13.3 million, or 34 cents per share, down from $20.4 million in the same period last year. Despite the decline, the result still managed to exceed analyst projections of 22 cents per share.
In section Market Quotes
Flotek Industries Shares Rally on Revenue Surge and Upgraded Guidance
A 21% after-hours surge greeted Flotek Industries on Tuesday, rewarding investors after the chemistry and data firm reported third-quarter sales that shattered market expectations. The company, which has seen its stock climb 46% this year, paired the revenue beat with a significant upward revision of its annual financial outlook.
Management is now targeting full-year revenue between $382 million and $390 million, a notable bump from the previous $360 million to $370 million range. The growth is largely pinned to the company's data analytics business, which doubled its sales this quarter. This segment now accounts for 45% of total gross profit despite representing only 16% of overall revenue, prompting the firm to secure new debt financing to fuel further expansion.
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