Flowco Q3 revenue, adjusted profit beats analyst estimates
FLOC•Flowco reported Q3 revenue of $258.6 million, adjusted net income of $48 million and adjusted EBITDA of $103.9 million, beating analyst estimates. It increased its share repurchase authorization by $150 million to $200 million.
1. Quarterly results
Q3 revenue was $258.6 million, compared with an analyst estimate of $244.09 million. Adjusted net income was $48 million versus an estimate of $32.92 million, while adjusted EBITDA was $103.9 million against an estimate of $94.69 million; adjusted EBITDA margin was 40.2%.
2. Revenue drivers and buyback
Flowco said higher Surface Equipment revenue, including $9 million in accelerated rental revenue from released systems, drove growth in its Production Solutions segment. Increased Natural Gas Systems sales contributed to higher revenue in Natural Gas Technologies. The company increased its share repurchase authorization by $150 million to $200 million and did not provide specific financial guidance.
