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Flotek guides Q3 revenues lower due to hurricane impacts

Published 09/26/2017, 09:07 AM
© Reuters.  Flotek guides Q3 revenues lower due to hurricane impacts
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  • Flotek Industries (NYSE:FTK) -2.8% premarket after estimating Q3 revenues will come in ~$5M less than previously expected, with incremental costs rising by less than $1M, due to impacts from Hurricanes Harvey and Irma.
  • FTK says some of its chemical suppliers declared force majeure, which affected client drilling and completion activity, and damages suffered by Florida citrus crops will affect availability and pricing of domestic citrus oil.
  • The company expects activity delays will be corrected in Q4.
  • Now read: Israel Chemicals (ICL) Presents At Credit Suisse (SIX:CSGN) 30th Annual Basic Materials Conference - Slideshow


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