ProFrac Holding Corp. (NASDAQ: ACDC) recently released its financial results for the quarter ended September 30, 2024, demonstrating its performance amidst ongoing market challenges. The company’s total revenue for the third quarter was reported at $575.3 million, compared to $579.4 million in the previous quarter. ProFrac’s net loss stood at $43.5 million, an improvement compared to the net loss of $65.6 million in the second quarter. Adjusted EBITDA for the quarter was $134.8 million, slightly lower than the $135.6 million reported in Q2.
The company’s net cash provided by operating activities was $98.0 million, down from $113.5 million in the prior quarter. The capital expenditures totaled $70.0 million, with free cash flow amounting to $30.9 million. ProFrac’s Executive Chairman, Matt Wilks, commented on the company’s performance, highlighting the record-setting operational efficiency achieved across active fleets and emphasizing the commitment to safety and premium customer service.
Revenue breakdown by segments shows that the Stimulation Services segment generated revenues of $507.1 million, resulting in $112.6 million of Adjusted EBITDA. The Proppant Production segment contributed revenues of $52.8 million, with $17.3 million of Adjusted EBITDA. Manufacturing segment revenues were $61.5 million with $0.1 million in Adjusted EBITDA, while Other Business Activities generated $51.3 million in revenues and $4.8 million of Adjusted EBITDA, solely related to Flotek results.
ProFrac’s balance sheet as of September 30, 2024, showcased total debt of $1.17 billion, with net debt standing at $1.18 billion. The company closed the period with $109.2 million in liquidity, including availability under its asset-based credit facility. ProFrac continues to monitor market conditions and align spending levels with growth initiative timelines to ensure sustainable operations.
Disclaimer: The information provided is based on ProFrac Holding Corp.’s Form 8-K filing with the Securities and Exchange Commission on November 5, 2024.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ProFrac’s 8K filing here.
About ProFrac
ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.
See Also
- Five stocks we like better than ProFrac
- Best of the list of Dividend Aristocrats: Build wealth with the aristocrat index
- 3 Top Stocks Crushing Q3 Earnings With Strong 2024 Guidance
- What is the FTSE 100 index?
- Lam Research Fueled by Unyielding AI Demand Growth
- When to Sell a Stock for Profit or Loss
- Generac: 5 Reasons to Buy This Stock Before Year’s End