Flotek Industries (FTK) Tops Q1 EPS by 11c

Flotek Industries (NYSE: FTK) reported Q1 EPS of $0.01, $0.11 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $60.5 million versus the consensus estimate of $73.4 million.

In commenting about Flotek's outlook, Mr. Chisholm added, "While we saw improvement as we progressed through the quarter, our current cadence remains below our internal expectations. Our efforts are focused on our sales and marketing strategy, and expanding our product portfolio and client base. We continue to see an increase in inbound requests directly from operators for our PCM® platform, which provides unparalleled control and reliability of our clients' fluids systems and positively impacts their cash returns. Within our business, visibility remains challenged in the ECT top line as we adapt to changes in industry dynamics. Thus, given what we see in the market today, we continue to respond to new market channels but we do not expect an immediate snap back. In our CICT segment, we expect second quarter revenues to increase in the low single digit range on both a sequential and year-over-year basis. We do not foresee any material increases to our cash SG&A moving forward."

For earnings history and earnings-related data on Flotek Industries (FTK) click here.

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