Welcome to our dedicated page for Flotek Industries news (Ticker: FTK), a resource for investors and traders seeking the latest updates and insights on Flotek Industries stock.
Flotek Industries, Inc. (NYSE: FTK) is a technology-driven company based in Houston, Texas, specializing in green specialty chemicals and data analytics for the energy sector. The company operates under two primary segments: Chemistry Technologies and Data Analytics.
The Chemistry Technologies segment focuses on the development, manufacturing, and sale of environmentally friendly specialty chemicals used in oil and gas well stimulation, cementing, and blending. These solutions enhance the operational efficiency and sustainability of hydrocarbon producers throughout the well life cycle. Notable products include chemicals for drilling, cementing, and production enhancement, catering to major players in the oil and gas industry.
The Data Analytics segment offers real-time analytics for hydrocarbon streams, helping clients optimize processes and increase profitability by reducing waste and reprocessing. The proprietary JP3 Verax Near InfraRed measurement system is a cornerstone of this segment, providing real-time data, monitoring, and visualization across the energy value chain.
Flotek has made significant strides in recent years. The company reported significant improvements in profitability metrics, including net income and positive adjusted EBITDA for the first time since 2018. Key achievements include the closing of an Asset Based Loan to enhance liquidity and the successful testing of the next-generation JP3 Verax system, expected to scale quickly and reduce manufacturing costs.
Flotek's leadership team, including CEO Dr. Ryan Ezell, emphasizes the company's commitment to sustainability and innovation. Recent partnerships have focused on developing sustainable chemistry and data solutions to improve well performance and provide higher returns on investment. Flotek's intellectual property portfolio includes over 170 patents and a global presence in more than 15 countries across North America, Latin America, the Middle East, and North Africa.
Flotek continues to expand its market share and margins despite industry headwinds, leveraging its differentiated technologies to maximize production and return rates for each well completion. The company is also set to join the Russell Microcap® Index, a milestone that enhances its visibility within the investment community.
For more information, please visit www.flotekind.com.
Flotek Industries (NYSE: FTK) reported strong Q3 2024 results with total revenue of $49.7 million, up 5% year-over-year. The company achieved net income of $2.5 million ($0.08 per diluted share) and adjusted EBITDA of $4.8 million, representing increases of 97% and 43% respectively compared to Q3 2023. Data Analytics segment showed impressive growth with a 58% year-over-year revenue increase. Based on strong performance, Flotek increased its 2024 adjusted EBITDA guidance to $16.5-18.5 million from $14-18 million, and adjusted gross profit margin guidance to 20-22% from 18-22%.
Flotek Industries, Inc. (NYSE: FTK) has announced the schedule for releasing its third quarter 2024 financial and operating results for the period ended September 30, 2024. The company plans to:
- Issue its Q3 2024 financial and operating results press release after market close on Monday, November 4, 2024
- Host its earnings conference call on Tuesday, November 5, 2024, at 9:00 a.m. CST (10:00 a.m. EST)
Participants can access the call through Flotek's website, by telephone, or via a webcast link. A recording of the call will be available on the company's website following the conclusion of the conference call.
Flotek Industries (NYSE: FTK), a leader in green chemical technology and data analytics, is set to present at the 2024 Annual Gateway Conference in San Francisco. The company's management team will deliver a presentation on September 4th at 12:30 p.m. PT, which will be available via live webcast and replay.
In addition to the presentation, Flotek executives will be available for one-on-one meetings throughout the conference. This event provides an opportunity for investors and analysts to gain insights into Flotek's advanced technology-driven solutions and future strategies. Interested parties can request invitations or schedule meetings by emailing conference@gateway-grp.com.
Flotek Industries (NYSE: FTK) announced its second-quarter 2024 financial results, revealing a significant improvement in profitability metrics compared to Q2 2023. The company reported total revenues of $46.2 million, a 14% increase from Q1 2024 but a 9% decline year-over-year. Gross profit improved to $9.2 million from $3.9 million in Q2 2023, while adjusted gross profit rose to $10.7 million. Net income reached $2 million, compared to a net loss of $21 thousand in Q2 2023. Diluted EPS was $0.06, up from $(0.11).
The company raised its 2024 profitability guidance with adjusted EBITDA expected to range between $14 million and $18 million. Notably, Flotek amended its Asset Based Loan agreement, increasing the loan commitment by 45% to $20 million and reducing the interest rate. The EPA approved the JP3 analyzer for flare emission monitoring, opening a new market with an estimated annual total addressable market of $220 million.
Flotek Industries' (NYSE: FTK) subsidiary JP3 Measurement has received EPA approval for its innovative flare monitoring system under new NSPS OOOOb regulations. The JP3 analyzer, utilizing Near InfraRed Spectroscopy, offers precise measurement of net heating values in flare gases, supporting cleaner operations in the oil and gas industry.
With over 55,000 flares in the US expected to require monitoring by 2028, this approval positions JP3 for significant market expansion. CEO Dr. Ryan Ezell highlighted the potential for subscription-based revenue growth in the Data Analytics segment, while VP Thomas Redlinger emphasized the technology's transformative impact on flare emission monitoring.
Flotek Industries (NYSE: FTK) has announced the release schedule for its second quarter 2024 financial and operating results. The results will be disclosed after market close on August 6, 2024, followed by an earnings conference call on August 7, 2024, at 9:00 a.m. CST (10:00 a.m. EST). The call can be accessed via webcast or phone, with details provided on Flotek's website.
Additionally, Flotek will participate in the EnerCom Denver Energy Investment Conference from August 18-21, 2024. CEO Ryan Ezell will present on August 18, 2024, at 9:15 a.m. MT, discussing recent technology advances in completion chemistry. CFO Bond Clement will join Ezell in meeting with investors during the conference. The presentation and slides will be available on Flotek's website.
Flotek (NYSE: FTK) announced its inclusion in the Russell Microcap® Index, effective July 1, 2024, as part of the 2024 Russell US Indexes annual reconstitution. This inclusion is based on Flotek's market capitalization as of April 30, 2024. Membership in the index will last one year and includes automatic entry into relevant growth and value style indexes. Dr. Ryan Ezell, CEO of Flotek, emphasized that this milestone validates the company's progress over the past 18 months and is expected to enhance shareholder visibility within the investment community.
Flotek Industries (NYSE: FTK) has appointed Leon Chad as Senior Vice President, Commercial, effective June 3, 2024. Mr. Chad replaces the previous SVP of Global Business Lines, who left in March 2024. Bringing over 30 years of experience in the energy and chemistry sectors, Chad's expertise is expected to help Flotek enhance its market share and strategic initiatives. His prior roles include leadership positions at Baker Hughes, Locus Fermentation Solutions, Clariant Oil Services, and Nalco Energy Services. Fluent in Arabic and French, Chad holds a Maitrise es Sciences in chemistry from the Lebanese University. Flotek, a technology-driven company focusing on green chemistry and data analytics, operates in over 59 countries.
Flotek announced the resignation of David Nierenberg from its Board of Directors, effective May 24, 2024. Nierenberg's six-year tenure significantly contributed to the company's turnaround, with annual revenues more than quadrupling since 2021 and achieving the first profitable year since 2017. Both Harsha V. Agadi, Chairman of the Board, and Ryan Ezell, CEO, praised Nierenberg for his leadership and strategic insights. The company noted that Nierenberg's governance expertise and mentorship were pivotal in restoring Flotek's position as a leading provider of sustainable chemistry and data solutions. The Board expressed best wishes for his future endeavors.
Flotek Industries, Inc. announced improved profitability in Q1 2024 with significant growth in gross profit and adjusted EBITDA. Net income increased by $10.8 million compared to Q1 2023, excluding non-cash gains. The company expects a boost in margins and adjusted EBITDA for 2024, following cost reductions in 2023. CEO Dr. Ryan Ezell highlighted positive financial trends and revenue growth in various segments, emphasizing resilience and profitability.
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