NYSE$LBRT
Liberty Energy Inc · Q4 2019 earnings
Q4 2019 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2019 financial and operational results.
Liberty Oilfield Services Inc. reported a revenue of $398 million and a net loss of $18 million for the quarter ended December 31, 2019. The company's Adjusted EBITDA was $30 million, and annualized Adjusted EBITDA per average active fleet was $5.2 million for the same period.
- Revenue of $398 million and net loss of $18 million, or $0.15 fully diluted loss per share, for the quarter ended December 31, 2019.
- Adjusted EBITDA of $30 million and annualized Adjusted EBITDA per average active fleet of $5.2 million for the quarter ended December 31, 2019.
- The sequential slowdown of completions in the fourth quarter was more pronounced than that experienced during the same period in 2018.
- Liberty achieved positive cash flow from operations without structural changes to fleet count or workforce.
Headline financials
Revenue & EPS history
Liberty Energy · Revenue · Quarterly
$398M
Forward guidance
Liberty expects to make significant progress in 2020 across all fronts including customers, culture, operations, technology and next generation frac fleets, despite the uncertain timing of an improvement in market conditions.
Tailwinds
- Demand has been strong since the beginning of the year.
- Liberty chose to activate their 24th frac fleet earlier this year.
- This was part of growing their business with larger customers to support their long-term development programs.
- Liberty believes this level of demand is likely to continue through the year.
- Liberty expects to make significant progress in 2020 across all fronts: customers, culture, operations, technology and next generation frac fleets.
Headwinds
- The pricing dynamic entering into 2020 is challenging.
- Efficiency gains across the industry have raised the number of frac stages completed by each fleet by 10% to 20%, which implies a decrease of at least 10% in the active frac fleets needed to meet demand.
- The slowing pace of frac activity led to progressively lower demand for frac fleets through the second half of 2019, resulting in pricing pressure on services.
- There remains an oversupply of frac fleets in the market and we do not expect pricing to improve materially until supply of actively staffed frac equipment better balances with demand.
- Increased profitability will have to come from technology, increased efficiency and improved processes.
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 Q4 2019
+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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