NASDAQ$ACDC
ProFrac Holding Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
ProFrac's Q2 2023 results were impacted by customer consolidation and the banking crisis, but the company adjusted its cost structure and sees improving industry fundamentals.
ProFrac Holding Corp. reported a decrease in revenue to $709.2 million and a net loss of $4.6 million for Q2 2023. The company is focused on maximizing utilization and profitability and adapting its cost structure to further improve cash flow.
- Total revenue was $709.2 million compared to $857.5 million in the first quarter of 2023
- Net loss was ($4.6) million compared to net income of $59.8 million in the first quarter of 2023
- Generated $55.6 million of free cash flow and reduced indebtedness by $85.6 million
- Right-sized active fleet count in June and again in August to optimize calendar efficiencies and reduce costs
Headline financials
Revenue & EPS history
ProFrac · Revenue · Quarterly
$709M
Revenue by segment
ProFrac · $749M total across 3 segments · Q2 2023
- Stimulation services$608M+5.5%81.2%
- Proppant production$110M+526.3%14.7%
- Manufacturing$31.1M-10.8%4.2%
Forward guidance
ProFrac is deploying a more disciplined approach to capital allocation to align with its E&P customers' activity levels. The Company lowered its active fleets in June and again in August. The Company expects further growth in the Proppant segment as the customer base expands, production increases, and costs are lowered.
Tailwinds
- Meaningful reductions to our cost structure that we believe will help maintain the per fleet profitability metrics.
- Stronger commodity prices and improved credit markets should allow our customer base to increase activity levels and demand for our services in the back half of 2023, which we expect to increase further in 2024.
- Remain prepared to be in a position to reactivate fleets as customers solidify their budgets and determine activity levels for next year.
- The Proppant Segment continues to show signs of improvement.
- Efforts to diversify the customer base reached an all-time high of approximately 70% third-party sales and we continue to pursue additional contracts that increase diversification and improve stability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports · overlaid with Q2 2023
-0.4%
Avg return
Earnings day
+1.3%
Avg return
5 days after
+7.2%
Avg return
30 days after
53%
8 / 15 earnings
Positive
+19.6%
Q3 2024
Best reaction
-21.6%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.5% | +8.4% | +5.5% | |
| Q4 2025 | +18.6% | +15.5% | +0.3% | |
| Q3 2025 | -20.1% | -24.1% | -9.9% | |
| Q1 2025 | -7.3% | +8.3% | +94.5% | |
| Q4 2024 | +0.6% | +10.9% | -21.1% | |
| Q3 2024 | +19.6% | +11.7% | +32.2% | |
| Q2 2024 | -19.9% | -12.4% | -10.6% | |
| Q1 2024 | +12.0% | +22.8% | +23.1% | |
| Q4 2023 | -1.8% | -1.4% | +6.6% | |
| Q3 2023 | -4.9% | +6.0% | -5.0% | |
| Q2 2023 | -11.3% | -18.3% | -12.3% | |
| Q1 2023 | +8.2% | +2.9% | +25.5% | |
| Q4 2022 | -21.6% | -24.4% | -20.5% | |
| Q3 2022 | +7.3% | +5.6% | -11.9% | |
| Q2 2022 | +13.7% | +7.5% | +11.0% | |
| Q1 2022 | — | — | — | |
| Q4 2021 | — | — | — | |
| Q3 2021 | — | — | — | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro