NASDAQ$ACDC
ProFrac Holding Corp · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
ProFrac's third quarter results were announced, revealing a decrease in revenue and a net loss, but also highlighting progress in strategic initiatives and positioning for future growth.
ProFrac Holding Corp. reported a decrease in revenue to $574.2 million, a net loss of $17.9 million, and an adjusted EBITDA of $149.3 million for Q3 2023. The company focused on right-sizing its fleet and support structure, and is optimistic about 2024 due to dedicated agreements and increased utilization of mining assets.
- Revenue decreased to $574.2 million due to lower fleet count and material sales.
- Net loss was $17.9 million, impacted by fleet adjustments and support structure changes.
- Adjusted EBITDA decreased to $149.3 million.
- Free cash flow was $72.6 million, contributing to a reduction in net debt.
Headline financials
Revenue & EPS history
ProFrac · Revenue · Quarterly
$574M
Revenue by segment
ProFrac · $632M total across 3 segments · Q3 2023
- Stimulation services$490M-26.8%77.5%
- Proppant production$98.4M+300.0%15.6%
- Manufacturing$43.8M-10.1%6.9%
Forward guidance
ProFrac anticipates an improved 2024, driven by dedicated agreements with operators, increased fleet count, and enhanced utilization of mining assets through third-party contracts.
Tailwinds
- Focus on dedicated agreements with operators in 2024.
- Expectation to increase fleet count in Q1, with commitments already in place.
- Marketing all eight mines for the first time, anticipating positive results.
- Anticipation of more contracts with third parties, increasing mining asset utilization.
- Confidence that 2024 will be much improved over 2023.
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 Q3 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 | — | — | — |
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