Flotek Industries, Inc. revised its previously announced guidance for the year ending December 31, 2008. The Company revised earnings guidance to $1.12 to $1.22 per fully diluted share, as compared to prior guidance of $1.50 to $1.60 per fully diluted share, and 2007 fully diluted EPS of $0.88.
Although management's expectations for 2008 remain very positive, several factors were identified by management in reviewing first quarter 2008 earnings, the original guidance model, and current business conditions which prompted the revision. The rationale for the revisions fell into the first quarter performance, fine tuning guidance assumptions and operations.
Jerry Dumas, Chairman of the Board, CEO and President reiterated, "As I stated in Flotek's first quarter earnings call, we have conducted a comprehensive analysis of our performance to date, revisited issues on the horizon for our Company, and decided to lower guidance for the year although our core business fundamentals remain sound. We look to continued growth in 2008 through the successful acquisition of Teledrift, improving margins in drilling tools, strong microemulsion product sales and the appointment of Steve Reeves as COO. Although revising downward, I look to another successful year of growth for Flotek."
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