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HOUSTON - Flotek Industries, Inc. (NYSE:FTK) reported fourth quarter earnings that exceeded past results, sending its stock up 4.4% in after-hours trading.
The oilfield technology company posted adjusted earnings per share of $0.14 for Q4 2024, compared to $0.07 in the same quarter last year. Revenue rose 20% YoY to $50.76 million, driven by a 21% jump in external customer revenue to the highest level in 5 years.
Flotek’s Q4 gross profit climbed 30% YoY to $12.3 million, with gross margin expanding to 24%. Net income more than doubled to $4.4 million, while adjusted EBITDA surged 78% to $7.0 million compared to Q4 2023.
For the full year 2024, Flotek reported net income of $10.5 million or $0.34 per share, swinging from a loss of -$0.10 per share in 2023. Annual adjusted EBITDA reached $20.3 million, up $18.8 million from 2023 and exceeding the company’s guidance of $18.5 million by 10%.
"2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders," said CEO Dr. Ryan Ezell.
The company highlighted strong growth in its data analytics segment, with service revenue up 124% YoY in Q4 and 44% for the full year. Flotek did not provide specific guidance for 2025, stating it plans to issue outlook with its Q1 2025 results.
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