h3 ProFrac Holding Corp Reports Second Quarter 2024 Financial Resultsh3p Willow Park Texas Aug 8 202
Intellectia.AI1970-01-01
ProFrac Holding Corp. Reports Second Quarter 2024 Financial Results
Willow Park, Texas, Aug. 8, 2024 - ProFrac Holding Corp. (NASDAQ: ACDC) announced its financial and operational results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | QoQ Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue (M) | $579.4 | $581.5 | -0.4% | $639.13 |
| Net Income (Loss) (M) | -$65.6 | $3.0 | -2190% | Not Provided |
| Adjusted EBITDA (M) | $135.6 | $159.7 | -15.1% | Not Provided |
| Operating Cash Flow (M) | $113.5 | Not Provided | +43% | Not Provided |
| Free Cash Flow (M) | $74.0 | Not Provided | +187% | Not Provided |
Interpretation: ProFrac's total revenue for Q2 2024 marginally decreased from the previous quarter. The company's net income turned into a significant loss, reflecting market softness particularly in natural gas regions. Despite those challenges, ProFrac improved its cash flow metrics considerably, indicating strong operational adjustments.
Segment Revenue Performance
| Segment | Q2 2024 Revenue (M) | Adjusted EBITDA (M) |
|---|---|---|
| Stimulation Services | $505.6 | $107.3 |
| Proppant Production | $69.5 | $25.7 |
| Manufacturing | $55.9 | $0.1 |
| Other Business Activities (Flotek) | $47.6 | $4.4 |
Interpretation: The Stimulation Services segment remains the largest revenue generator, supported by its efficient and upgraded fleet. The Proppant Production segment faced challenges but managed to maintain positive Adjusted EBITDA, partially due to internal leveraging. Manufacturing and other business areas like Flotek contributed modestly to the earnings.
Comments from Company's Officers
Matt Wilks, ProFrac's Executive Chairman, stated, "Overall, the market for our services has been challenged as operators have reduced drilling and completion activity, particularly in natural gas regions. Despite these challenges, we are proud to report that our team achieved records for average pump hours per fleet and efficiencies during the second quarter."
Forward Guidance
ProFrac expects stable pricing in the Stimulation Services segment and anticipates a gradual recovery in the Proppant Production segment after an initial decline. The company continues to field new requests for electric and Tier 4 dual fuel technologies.
Stock Price Movement
According to the report, the stock price noted an increase of 1.87% after the earnings release.
Conclusion
ProFrac faced market challenges during the second quarter but improved operational efficiencies and cash flows. Although the company posted a net loss, it continues to invest in upgrading its fleet and optimizing other segments to ensure long-term value for stakeholders.
For further details, please visit ProFrac's website or review their latest financial disclosures.
Genasys Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Toll Brothers Reports Fourth Quarter and Full Year 2024 Financial Results
OilDri Corporation of America Reports Record First Quarter Fiscal 2025 Results
Share