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ProFrac Holding Corp. Reports Third Quarter 2024 Results
ACDCProFrac (ACDC) Prnewswire·2024-11-05 10:00

Financial Performance - Total revenue for Q3 2024 was 575.3million,slightlydownfrom575.3 million, slightly down from 579.4 million in Q2 2024 [2] - Net loss improved to 43.5millionfromalossof43.5 million from a loss of 65.6 million in the previous quarter [2] - Adjusted EBITDA was 134.8million,aslightdecreasefrom134.8 million, a slight decrease from 135.6 million in Q2 2024 [2] - Net cash provided by operating activities was 98.0million,downfrom98.0 million, down from 113.5 million in Q2 2024 [2] - Free cash flow for the quarter was 30.9million[2]BusinessSegments−TheStimulationServicessegmentgeneratedrevenuesof30.9 million [2] Business Segments - The Stimulation Services segment generated revenues of 507.1 million with an Adjusted EBITDA of 112.6million[6]−TheProppantProductionsegmenthadrevenuesof112.6 million [6] - The Proppant Production segment had revenues of 52.8 million and an Adjusted EBITDA of 17.3million[6]−TheManufacturingsegmentreportedrevenuesof17.3 million [6] - The Manufacturing segment reported revenues of 61.5 million with minimal Adjusted EBITDA of 0.1million[7]−OtherBusinessActivitiesgeneratedrevenuesof0.1 million [7] - Other Business Activities generated revenues of 51.3 million and an Adjusted EBITDA of 4.8million[7]CapitalExpendituresandOutlook−Capitalexpenditurestotaled4.8 million [7] Capital Expenditures and Outlook - Capital expenditures totaled 70 million in Q3 2024, remaining flat compared to the previous quarter [8] - For the full year 2024, capital expenditures are expected to be at the lower end of previous guidance, with maintenance-related expenditures projected at 150millionto150 million to 200 million [9] - The company anticipates a decline in pricing and activity in the Stimulation Services segment for Q4 2024 but expects a recovery in 2025 [4] Balance Sheet and Liquidity - Total debt outstanding as of September 30, 2024, was 1.17billion,withnetdebtat1.17 billion, with net debt at 1.18 billion [10] - Total cash and cash equivalents were 25.5million,with25.5 million, with 5.0 million related to Flotek and not accessible by the company [10] - The company had 109.2millionofliquidity,includingapproximately109.2 million of liquidity, including approximately 20.5 million in cash and cash equivalents [11] Operational Efficiency - The company set new operating efficiency records per active fleet, demonstrating strong performance despite a challenging market [3] - Approximately 72% of active fleets include electric or natural gas-capable equipment, indicating a focus on integrated and efficient solutions [4]