Flotek Industries is experiencing a surge in stock prices after releasing their Q4 financial report on March 13, 2024. The company disclosed their operational and financial performance for the fourth quarter and full year ending on December 31, 2023.
In the latest quarter, Flotek Industries Inc. reported a net income of $2.11 million. Although they fell short of earnings expectations, the company still managed to achieve a remarkable 105% increase in profits compared to the previous year, showcasing significant growth.
Flotek Industries Inc. (FTK) Stock Surges 22.33% on March 13, 2024
On March 13, 2024, Flotek Industries Inc. (FTK) experienced a significant increase in its stock price, with shares rising by $0.63, or 22.33%. The stock opened at $2.75, which was $0.06 lower than its previous close. Despite the lower opening, FTK managed to rally throughout the trading day, closing at a higher price than the previous day.
FTK Stock: Financial Performance Update – March 13, 2024
On March 13, 2024, FTK stock experienced some interesting developments in terms of its financial performance. According to data from CNN Money, the company reported a total revenue of $136.09 million over the past year, which represents a significant increase of 214.53% compared to the previous year. However, there was a slight decrease of 6.57% in total revenue when comparing the most recent quarter to the previous quarter, with total revenue amounting to $47.27 million.
In terms of net income, FTK reported a net loss of $42.30 million over the past year. This figure represents a decrease of 38.59% compared to the previous year. However, there was a notable improvement in net income when looking at the most recent quarter, with the company reporting a net income of $1.29 million. This represents an impressive increase of 6228.57% compared to the previous quarter.
Earnings per share (EPS) is another important metric to consider when evaluating a company’s financial performance. FTK reported an EPS of -$3.41 over the past year, which represents a decrease of 36.6% compared to the previous year. However, there was a significant increase in EPS when looking at the most recent quarter, with the company reporting an EPS of $0.04. This represents a substantial increase of 137.18% compared to the previous quarter.
Overall, FTK stock experienced mixed performance on March 13, 2024, with significant improvements in net income and EPS in the most recent quarter, despite a slight decrease in total revenue. Investors will be closely monitoring the company’s future financial reports to assess its continued growth and profitability.
