Business
ProFrac Holding Corp. Reports Second Quarter 2024 Results
WILLOW PARK, Texas, Aug. 8, 2024 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced financial and operational
About this update from Profrac Holding Corp.
[{"type":"text","content":"WILLOW PARK, Texas, Aug. 8, 2024 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) (\"ProFrac\", or the \"Company\") today announced financial and operational results for its second quarter ended June 30, 2024.\n\nSecond Quarter 2024 Results\nTotal revenue was $579.4 million compared to first quarter revenue of $581.5 millionNet loss was $65.6 million compared to net income of $3.0 million in the first quarterAdjusted EBITDA(1) was $135.6 million compared to $159.7 million in the first quarterNet cash provided by operating activities grew approximately 43% sequentially over the first quarter to $113.5 millionCapital expenditures totaled $61.9 millionFree cash flow(2) grew 187% sequentially to $74.0 millionMatt 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. This market softness in the second quarter led to sequentially lower results in the quarter.\n\"However, 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, while concurrently upgrading our fleet with additional electric and Tier 4 dual fuel systems. Today, we continue to field new inbound requests for additional deployments with the highest demand being for electric and Tier 4 dual fuel or DGB technologies. Strengthened by our vertical integration, we continue to build scale and position ProFrac to deliver long-term value for our stakeholders,\" concluded Mr. Wilks. \nOutlook\nIn the Stimulation Services segment, the Company anticipates pricing will remain steady. Because of our superior cost structure and operating leverage, we continue to see opportunities to further improve profitability per fleet. We also continue to field new inbound requests for additional integrated fleet deployments with the highest demand for electric and Tier 4 dual fuel or DGB technologies. Today, 70% of our active fleets include e-fleet or natural gas-capable equipment.\nIn the Proppant Production segment, the Company currently anticipates that total volumes and pricing will continue to decline followed by a gradual recovery. However, the Company expects that the reduction in profitability will be partially offset by operating cost reductio...