Flotek 2Q revenue to top analysts' estimates

Flotek Industries 2Q revenue to beat Wall Street's view; plans to buy Eclipse IOR Services

Associated Press

HOUSTON (AP) -- Oilfield services provider Flotek Industries Inc. expects its second-quarter revenue to top analysts' expectations, helped by an acquisition.

The Houston company predicts revenue of more than $93 million for the period ended June. 30. Analysts surveyed by FactSet had expected $91.2 million in revenue.

Flotek said Monday that its new division — non-energy chemical technologies — stems from its buyout of citrus oils processor Florida Chemical Co. and should add more than $12.5 million to its quarterly revenue.

Florida Chemical contributed to revenue in May and June. Flotek announced the approximately $102.5 million cash-and-stock deal in May.

The chemical technologies unit is predicted to report more than $47.5 million in revenue, while drilling technologies revenue is expected to be more than $29.5 million. The artificial lift technologies segment's revenue is anticipated to be about $3.4 million.

Flotek also announced that it has signed a letter of intent to buy Dallas-based Eclipse IOR Services LLC, a provider of recovery technologies and consulting for oil and natural gas producers. The cash-and-stock deal totals about $6.5 million.

The deal is expected to close by Aug. 30.

Shares of Flotek added 24 cents to $19.68 in morning trading.

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