An update from Flotek ( (FTK) ) is now available.
Flotek Industries, Inc. has announced strong financial results for the third quarter of 2024, highlighting a 5% increase in total revenue to $49.7 million compared to the previous year. The company reported a 97% rise in net income to $2.5 million, driven by a significant boost in its Data Analytics segment, which saw a 58% year-over-year revenue increase. Flotek also reduced its SG&A expenses and outstanding borrowings, setting the stage for increased profit guidance for 2024, reflecting continued positive momentum and strategic execution.
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