Flotek Industries, Inc. announced its operational and financial results for the third quarter ended September 30, 2024, highlighting significant improvements in profitability compared to the prior year. Total revenues for the quarter increased by 5% year-over-year to $49.7 million, up from $47.3 million in the third quarter of 2023.
Net income for the third quarter surged by 97% year-over-year to $2.5 million, compared to $1.3 million in the same period of 2023, resulting in diluted earnings per share of $0.08. Adjusted EBITDA improved for the eighth consecutive quarter, reaching $4.8 million, a 43% increase from $3.4 million in the third quarter of 2023.
The company also increased its 2024 profit guidance, now expecting adjusted EBITDA to be in the range of $16.5 million to $18.5 million, an increase from the previous range of $14 million to $18 million. This represents a 9% increase to the midpoint of the revised range and a 35% increase compared to the midpoint of the original 2024 guidance.
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