Flotek Industries Sees Q4 Revenues Above Estimates - Quick Facts

(RTTNews) - Flotek Industries, Inc. (FTK, FLTK.OB) said that for the fourth quarter ended December 31, 2014, it believes its revenue will exceed $122 million, a record for the company. In addition, the company expects Energy Chemical Technologies revenues for the quarter to exceed $74 million and quarterly Drilling Technologies revenues to be greater than $31 million.

On average, analysts polled by Thomson Reuters expect the company to report revenues of $121.31 million for the fourth quarter. Analysts' estimates typically exclude special items.

During the fourth quarter, Flotek repurchased 621,726 shares of its common stock at an average price of $16.74 per share for an aggregate total of about $10.4 million. The repurchase was made pursuant to a $25 million share repurchase program authorized by the company's board of directors in November, 2012.

As of December 31, 2014, the company's balance on its revolving line of credit was $8.5 million.

Flotek said it will host a conference call on Thursday, January 29, 2015 at 7:30 a.m. Central Standard Time to discuss its financial and operating results for the three- and twelve-months ended December 31, 2014. Flotek intends to provide dial-in information through a press release on January 28, 2015.

Flotek plans to file its 10-K after the market close on Wednesday, January 28, 2015. In addition, the company will provide additional details regarding operating results in a press release after the market close on January 28, 2015.