NYSE$LBRT
Liberty Energy Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Liberty Energy's financial performance was excellent, driven by operational execution and customer engagement in a softer market.
Liberty Energy reported revenue of $1.2 billion, a 2% increase year-over-year, and net income of $149 million, or $0.85 earnings per share. The company achieved record pumping efficiencies and began commercial deployment of digiPrime hybrid pumps. They also increased the quarterly cash dividend by 40% to $0.07 per share.
- Revenue increased by 2% year-over-year to $1.2 billion.
- Net income rose to $149 million, with earnings per share at $0.85.
- Adjusted EBITDA was $319 million, with a 12-month Adjusted Pre-Tax Return on Capital Employed of 44%.
- The quarterly cash dividend increased by 40% to $0.07 per share.
Headline financials
Revenue & EPS history
Liberty Energy · Revenue · Quarterly
$1.22B
Forward guidance
Fourth quarter trends will likely see seasonal softness, winter weather, and holiday disruptions. We expect the recent strengthening of commodity prices will drive a modest increase in activity beginning in 2024.
Tailwinds
- Frac industry dynamics are encouraging amidst moderating demand trends.
- Service prices have remained relatively steady while underutilized frac fleets exited the market.
- Fleets across the industry were idled in response to completions activity softness, supporting a better supply-demand balance of marketed fleets as compared to prior cycles.
- Frac activity has largely stabilized at current levels, representing a baseload of frac fleet demand needed to sustain E&P operators’ flattish production levels.
- The long-term demand outlook for secure North American energy anchors a more durable cycle.
Headwinds
- Fourth quarter trends will likely see seasonal softness.
- Winter weather is expected to cause disruptions.
- Holiday disruptions are anticipated.
- Volatility in commodity markets has emerged from the possibility of an escalating conflict in the Middle East.
- Renewed recessionary fears are present.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+3.5%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+4.0%
Avg return
30 days after
68%
23 / 34 earnings
Positive
+47.3%
Q1 2020
Best reaction
-13.2%
Q3 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.6% | +12.3% | +8.2% | |
| Q4 2025 | +15.6% | +19.4% | +28.9% | |
| Q3 2025 | +29.1% | +27.2% | +33.3% | |
| Q2 2025 | -2.4% | -5.2% | -4.9% | |
| Q1 2025 | +5.7% | +5.1% | +7.1% | |
| Q4 2024 | -7.1% | -11.4% | -16.4% | |
| Q3 2024 | -7.6% | -11.5% | -14.6% | |
| Q2 2024 | +1.6% | -2.8% | -6.1% | |
| Q1 2024 | +2.4% | +2.5% | +9.7% | |
| Q4 2023 | +11.1% | +12.9% | +18.6% | |
| Q3 2023 | +7.2% | +5.6% | +0.9% | |
| Q2 2023 | -0.7% | +0.8% | +3.8% | |
| Q1 2023 | +2.5% | +6.2% | -0.9% | |
| Q4 2022 | +3.9% | +6.0% | +4.9% | |
| Q3 2022 | +1.2% | +5.8% | +9.3% | |
| Q2 2022 | +14.5% | +17.8% | +31.2% | |
| Q1 2022 | +1.3% | -6.0% | -14.1% | |
| Q4 2021 | -8.2% | -2.2% | +21.3% | |
| Q3 2021 | -12.0% | -16.5% | -35.5% | |
| Q2 2021 | -7.1% | -13.1% | -13.8% | |
| Q1 2021 | +12.2% | +7.6% | +37.7% | |
| Q4 2020 | -1.5% | -12.2% | +6.2% | |
| Q3 2020 | -13.2% | -12.8% | +35.9% | |
| Q2 2020 | -3.9% | -15.8% | -1.0% | |
| Q1 2020 | +47.3% | +30.0% | +64.5% | |
| Q4 2019 | -2.6% | -2.7% | -41.8% | |
| Q3 2019 | +1.4% | +6.2% | -3.2% | |
| Q2 2019 | +8.8% | +1.6% | -17.4% | |
| Q1 2019 | +3.9% | +8.1% | -13.6% | |
| Q4 2018 | +0.6% | -4.3% | -8.7% | |
| Q3 2018 | +11.8% | +16.9% | +2.9% | |
| Q2 2018 | +1.0% | -0.4% | +0.2% | |
| Q1 2018 | +1.3% | +2.8% | -1.2% | |
| Q4 2017 | +0.2% | -3.7% | +3.3% | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — |
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