Flowco Q2 Revenue Beats, Adjusted EBITDA Tops Views; Production Solutions Surges
FLOC sits 64% above its 52-week low of $14.03.
Summary
Flowco's Q2 revenue of $235.9M edged past the $235.17M consensus, while adjusted EBITDA of $93.9M beat the $92.27M estimate. Adjusted net income missed slightly at $34.3M vs. $34.84M expected. The Production Solutions segment drove the beat with sharply higher revenue and EBITDA, helped by the Valiant acquisition and strong downhole components demand. Natural Gas Technologies was a drag, with lower vapor recovery system sales. This follows a July 29 EVP resignation and a July 30 board appointment and dividend declaration, plus a special dividend announced yesterday. The company filed an 8-K regarding operations and financial condition.
At the time of this announcement, FLOC was trading at $23.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2B. The 52-week trading range was $14.03 to $28.26. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.