Shares of Flotek Industries Tank on Earnings Loss

Shares of Flotek Industries Tank on Earnings Loss

Shares of Flotek Industries (NYSE: FTK) are down 16.3% as of 11:15 a.m. EST today. Much today's decline has to do with Flotek's earnings that fell into the loss column for the quarter.

Flotek reported a net loss of $0.06 per share compared to a $0.03 per share loss this time last year. Revenue for the quarter came in at $79.5 million, which was a 23% increase from last year but a slight declined compared to the second quarter. Just for reference, Wall Street analyst estimates had Flotek producing a $0.02 per share gain in the quarter.

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Source: Fool.com