{"id":382434,"date":"2020-11-16T20:41:31","date_gmt":"2020-11-17T01:41:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382434"},"modified":"2020-11-16T20:41:31","modified_gmt":"2020-11-17T01:41:31","slug":"flotek-announces-third-quarter-2020-earnings-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/flotek-announces-third-quarter-2020-earnings-results\/","title":{"rendered":"Flotek Announces Third Quarter 2020 Earnings Results"},"content":{"rendered":"
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Revenue Improves Sequentially<\/h2>\n

Maintains Strong Balance Sheet<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOUSTON<\/span>, Nov. 16, 2020<\/span> \/PRNewswire\/ —\u00a0Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced results for the third quarter ended September 30, 2020<\/span>. <\/p>\n

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“It has been a challenging period as we continue to navigate through this global market disruption as a result of the health crisis and demand destruction due to the oversupply of crude oil. While our third quarter performance showed some positive signals, we continued to face some headwinds in the business, and our results did not meet our expectations,” said John W. Gibson, Jr.<\/span>, Chairman, President, and Chief Executive Officer. “Flotek is making the investments in the business today to create a strong foundation for 2021 and beyond. We executed a number of important initiatives in the quarter that, while difficult, are critical to the long-term success of the business. To support our long-term vision, we have diversified our business while building three strong business lines centered around creating value from chemistry. Through the acquisition of JP3, we have access to the ‘full stream’ across the hydrocarbon value chain, which positions the Company to benefit from the digital transformation of chemistry. Moreover, we have introduced a janitorial and sanitizing solutions product line that leverages our existing infrastructure and core competencies. Additionally, we see significant international growth opportunities across our business segments, which is an integral part of our long-term strategy to drive greater returns.”<\/p>\n

\n Third Quarter Financial Results <\/b>\n <\/p>\n

Effective April 1, 2020<\/span>, Flotek’s Energy Chemistry Technologies segment has been renamed the Chemistry Technologies segment and also includes the Company’s recently launched sanitizer and disinfectant operations. Flotek’s second segment, Data Analytics, was created in conjunction with the acquisition of JP3 Measurement, LLC (“JP3”) on May 18, 2020<\/span>. Third quarter results for the Data Analytics segment include the first full quarter of JP3 results.<\/p>\n