- Flotek Industries (FTK +15%) surges to two-month highs following Q4 results, although it is unclear if EPS from continuing operations of $0.07 is directly comparable to analyst consensus for a $0.04 loss.
- FTK says Q4 revenues rose 10.6% Y/Y to $70.6M, but consolidated gross margins were 32.3% vs. 34.7% in Q3 and 38.5% in the year-ago period.
- FTK says it is putting its oilfield equipment and services businesses up for sale, and has discontinued its drilling and production technology businesses, which already has attracted potential buyers.
- The company also says its special committee found no evidence of intentional misconduct, fraud or intent to deceive investors related to its main “Complex nano-Fluid” technology; FTK has been criticized by some short sellers who claim the company overstates the effectiveness of its products.