Flotek Industries (FTK), a green chemistry and technology data firm, on Wednesday reported lower earnings in its second quarter, mainly hurt by non-recurring fees and higher interest expense. However, Adjusted EBITDA and revenue improved.
For the second quarter, the firm reported a 10% decrease in net income to $1.77 million from $1.97 million in the prior year.
The earnings per share declined 17% to $0.05 from $0.06 a year ago.
Adjusted net income was $5.96 million, compared to $1.97 million in the prior year.
On a per share basis, adjusted net income was $0.16, compared to $0.06 a year ago.
Income before tax decreased to $1.79 million from $1.99 million a year ago.
Adjusted EBITDA improved 113% to $9.45 million from $4.44 million in the prior year.
Total revenues increased 26% to $58.35 million from $46.15 million in the last year.
Looking ahead for fiscal 2025, the company expects total revenue in the range of $200 million to $220 million, a 12% growth at the midpoint compared to last year.
Also, the company expects adjusted EBITDA in the range of $34 million to $39 million for the full year. At mid-point, the outlook represents an 80% improvement from last year, amounting to $36.5 million, which represents the highest in more than a decade.
In the after hours, FTK shares traded 1.50% higher at $12.21 on the NYSE.
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