Flotek Industries skids on lowered earnings guidance
Shares of Flotek Industries, Inc. (NYSE: FTK) slipped in morning trading after the provider of drilling and production products for the energy and mining industries said this morning that it lowered its earnings guidance for the year.
While management stipulated that prospects remain strong for the fiscal year, earnings guidance was reduced on account of worse-than-expected first quarter results, a higher interest rate cost for a convertible debenture than originally assumed prior to crippled credit market conditions and a slower-than-anticipated rollout of its production chemicals business unit to additional geographic areas.
Shares slumped 15%, or $2.86, to $16.31 at 10:31 a.m. ET. For detailed price information and recent news stories about Flotek Industries, click FTK.
