FLINT Revenue Rises 79.6% to C$267.2 Million in Third Quarter

FLINT Corp.'s third-quarter revenue climbed 79.6% to C$267.215 million, but net income fell and gross margin narrowed, leaving a mixed quarter for the energy and industrial services company.

Revenue for the quarter ended Sept. 30 rose from C$148.793 million a year earlier. Net income declined to C$7.551 million from C$30.599 million. Basic and diluted earnings were C$0.07 per share.

Gross profit was C$22.565 million, with an 8.4% gross margin compared with 11.8% a year earlier. The narrower margin meant FLINT retained a smaller share of revenue after the costs reflected in gross profit, even as sales increased.

FLINT CEO Barry Card called it “a record revenue quarter for FLINT” and pointed to a compacted turnaround season.

FLINT serves energy and industrial markets, including oil and gas, mining and infrastructure. Its shares trade on the Toronto Stock Exchange under FLNT.