Flotek announces first quarter 2024 results reflecting improved profitability
Houston , may 7, 2024 /prnewswire/ -- flotek industries, inc. ("flotek" or the "company") (nyse: ftk) today announced operational and financial results for the quarter ended march 31, 2024, highlighted by significant improvement in profitability metrics as compared to the first quarter of 2023. financial summary (in thousands, except per share amounts) three months ended march 31, 2024 2023 % change total revenues $ 40,374 $ 48,007 (16) % gross profit $ 8,821 $ 1,880 369 % adjusted gross profit (1) $ 10,075 $ 2,647 281 % net income $ 1,562 $ 21,343 (93) % diluted income (loss) per share $ 0.05 $ (0.12) n/a adjusted ebitda (1) $ 4,026 $ (3,851) n/a first quarter 2024 highlights reported net income of $1.6 million compared to net income of $21.3 million for the first quarter of 2023.
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