Flotek Industries Increases Sales but Misses Estimates on Earnings
Flotek Industries (NYS: FTK) reported earnings on May 9. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q1), Flotek Industries beat expectations on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share dropped significantly.
Gross margins improved, operating margins grew, net margins shrank.
Flotek Industries chalked up revenue of $79.2 million. The four analysts polled by S&P Capital IQ hoped for revenue of $75.6 million on the same basis. GAAP reported sales were 50% higher than the prior-year quarter's $52.9 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.07. The four earnings estimates compiled by S&P Capital IQ predicted $0.18 per share. GAAP EPS of $0.07 for Q1 were 46% lower than the prior-year quarter's $0.13 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 42.2%, 220 basis points better than the prior-year quarter. Operating margin was 21.1%, 360 basis points better than the prior-year quarter. Net margin was 4.6%, 1,500 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $77.2 million. On the bottom line, the average EPS estimate is $0.19.
Next year's average estimate for revenue is $331.2 million. The average EPS estimate is $0.87.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 762 members out of 796 rating the stock outperform, and 34 members rating it underperform. Among 167 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 156 give Flotek Industries a green thumbs-up, and 11 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Flotek Industries is buy, with an average price target of $16.33.
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At the time this article was published Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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