NASDAQ$ACDC
ProFrac Holding Corp · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
ProFrac's Q4 2022 performance was marked by sequential revenue growth and strategic acquisitions, offset by a decline in net income and weather-related operational challenges.
ProFrac Holding Corp. reported Q4 2022 consolidated revenues of $794.1 million, a 14% sequential increase, driven by a higher active fleet count and material sales. Net income decreased 17% sequentially to $116 million. The company closed on several acquisitions and continued to integrate its vertically integrated services model.
- Revenue grew 14% sequentially, reaching $794.1 million.
- Net income declined 17% sequentially to $116 million.
- Adjusted EBITDA excluding Flotek increased approximately 2% sequentially to $269.2 million.
- Company closed on acquisitions of US Well Services, Eagle Ford sand mining operations of Monarch Silica, and Rev Energy Holdings.
Headline financials
Revenue & EPS history
ProFrac · Revenue · Quarterly
$794M
Revenue by segment
ProFrac · $904M total across 4 segments · Q4 2022
- Stimulation services$767M—84.9%
- Manufacturing$51.1M—5.7%
- Other$49.6M—5.5%
- Proppant production$35.4M—3.9%
Forward guidance
The company expects slightly reduced efficiencies in Q1 2023 compared to Q4 2022 due to a less efficient calendar and seasonal winter weather impacts. The startup of operations at the Lamesa mine and the acquisition of Monarch Silica should increase the number of fully integrated fleets and materials sales. The acquisition of Performance Proppants will result in a total of eight operating mines by the end of Q1 2023.
Tailwinds
- Pricing levels have remained steady through February.
- The startup of operations at the Lamesa mine along with the acquisition of Monarch Silica should allow the Company to operate approximately five mines during the first quarter of 2023.
- This should serve to increase the number of fully integrated fleets and materials sales.
- The acquisition of Performance Proppants in late February will result in the Company exiting the quarter with a total of eight operating mines.
- The Company expects to enhance profit per fleet as it further integrates materials into its operating fleets
Headwinds
- Lower commodity prices have impacted our customers' business over the last several months.
- In response to the sharp reduction in gas prices, the Company has seen a less efficient calendar develop over the course of the first quarter of 2023.
- The less efficient calendar combined with the seasonal winter weather impacts is expected to slightly reduce the Company's efficiencies in the first quarter of 2023 compared to the fourth quarter of 2022.
- Adjusted EBITDA per fleet will also be impacted by inefficiencies and fleet pricing trends in the market.
- Company will continue to assess the market dynamics.
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 Q4 2022
-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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