Flotek(US:FTK) Prnewswire·2024-11-04 21:01Core Insights - Flotek Industries reported significant improvements in profitability metrics for Q3 2024 compared to Q3 2023, leading to an increase in 2024 profit guidance [1][4][5] Financial Performance - Total revenues for Q3 2024 were $49.7 million, a 5% increase from $47.3 million in Q3 2023, with Data Analytics revenues increasing by 58% year-over-year [2][3][7] - Gross profit for Q3 2024 was $9.1 million, with a gross profit margin of 18%, slightly down from 19% in Q3 2023 [2][7] - Net income for Q3 2024 was $2.5 million, or $0.08 per diluted share, compared to $1.3 million, or $0.04 per diluted share, in Q3 2023 [2][7] - Adjusted EBITDA for Q3 2024 was $4.8 million, a 43% increase from $3.4 million in Q3 2023 [2][7][22] Operational Highlights - Selling, General and Administrative (SG&A) expenses were reduced by 12% year-over-year and by 9% sequentially from Q2 2024, totaling $5.7 million in Q3 2024 [3][7] - The company reduced borrowings under its Asset Based Loan by 81% (or $6.1 million) compared to year-end 2023 [3] 2024 Guidance - Flotek increased its adjusted EBITDA guidance for 2024 to a range of $16.5 million to $18.5 million, up from the previous range of $14 million to $18 million, representing a 35% increase compared to the original guidance [4] - The adjusted gross profit margin for 2024 is now expected to be between 20% and 22%, up from the original guidance of 18% to 22% [4] Segment Performance - Revenue from the Data Analytics segment grew by 30% in Q3 2024, continuing a strong growth trend from the previous quarter [5] - The new flare monitoring application contributed 25% of total quarterly segment revenues in Q3 2024 [5]