Flotek Industries plummets on lowered guidance
Flotek Industries, Inc. (NYSE: FTK) shares are plummeting after the Houston-based company lowered its fiscal 2007 earnings guidance to a range of $0.88 to $0.92 per share, from previous guidance of earning $1 per share. Analysts, on average, expect Flotek to earn $1.02 per share.
“The growth fundamentals of our core businesses remain sound, and the pace of North American oilfield service activity seems to be strengthening in January,” CEO Jerry Dumas said in a statement. “We believe the business line additions of the last several years will continue contributing to growth in 2008 and beyond as these businesses are integrated and ramp-up matures.”
The firm, a supplier of drilling and other services to the energy and mining industries, said general and administrative expenses are expected to be about 30% higher in the fourth quarter of 2007 than in the third quarter of 2007.
In midday trading, FTK shares are plunging 26.83%, or $6.83, at $18.63. Over the last 52 weeks, shares have ranged from $17.55 to $31.25.
