Flotek Industries (FTK) Misses Q1 EPS by 3c

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Go back to Flotek Industries (FTK) Misses Q1 EPS by 3c

Flotek Industries, Inc. Announces First Quarter, 2016 Financial and Operating Results and Conference Call Information

May 3, 2016 4:12 PM EDT

HOUSTON, May 3, 2016 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (FTK) today announced results for the three months ended March 31, 2016.

As reported on Form 10-Q filed with the U.S. Securities and Exchange Commission, Flotek reported revenue for the three months ended March 31, 2016 of $72.3 million, a decrease of $10.1 million, or 12.2%, compared to the same period of 2015. The decrease in revenue was driven by the continued decline in drilling activity, as indicated by the 57.8% reduction in average North American rig count for the three months ended March 31, 2016, versus the same period of 2015.  Sequentially, total... More