FTK - Flotek GAAP EPS of $0.22 revenue of $48.01M; initiates FY23 guidance
2023-05-09 01:14:57 ET
- Flotek press release ( NYSE: FTK ): Q1 GAAP EPS of $0.22.
- Revenue of $48.01M (+272.2% Y/Y).
- Reached positive gross profit for the first quarter of 2023, representing an almost 200% increase sequentially and growth of nearly 500% from the year-ago quarter.
- Flotek generated an adjusted gross profit of $2.6 million compared to adjusted gross losses of $0.5 million and $0.2 million for the fourth and first quarters of 2022, respectively.
- Adjusted EBITDA was negative $3.9 million in the first quarter of 2023 versus negative $5.1 million and negative $5.4 million for the fourth and first quarters of 2022, respectively.
- Outlook: Flotek has initiated full year 2023 guidance for revenue of $210 million to $230 million and an Adjusted Gross Profit margin of 8% to 10%. Adjusted Gross Profit excludes non-cash costs, including contract amortization.
For further details see:
Flotek GAAP EPS of $0.22, revenue of $48.01M; initiates FY23 guidance