Q3 2024 ProFrac Holding Corp Earnings Call Transcript
Key Points
- ProFrac Holding Corp (ACDC) delivered strong third-quarter results with $575 million in revenue and $135 million in adjusted EBITDA.
- The company achieved record-setting efficiency per active fleet, highlighting operational excellence and customer service.
- ProFrac is investing in next-generation equipment, including electric pumps and dual fuel technologies, which are in high demand.
- The company has a strategic asset management program that ensures high-quality and reliable fleet deployment.
- ProFrac is well-positioned to capitalize on power generation opportunities, responding to increased demand due to grid constraints and electrification trends.
- The proppant segment faced challenges due to prolonged weakness in natural gas-related activity and increased competition in West Texas.
- Pricing pressures negatively impacted margins, despite cost management efforts.
- The company anticipates a softer fourth quarter due to budget exhaustion and lower activity levels.
- ProFrac is retiring 400,000 horsepower of legacy diesel-burning equipment, which may impact short-term capacity.
- The Haynesville region's subdued drilling and completion activity negatively affected asset performance.
Ladies and gentlemen, greetings and welcome to the ProFrac Holding Corp third-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Michael Messina, Director of Finance. Please go ahead.
Thank you, operator. Good morning, everyone. We appreciate you joining us for ProFrac Holding Corp's conference call and webcast to review our third-quarter 2024 results. With me today are Matt Wilks, Executive Chairman; Ladd Wilks, Chief Executive Officer; and Austin Harbour, Chief Financial Officer.
Following my remarks, management will provide high-level commentary on the operational and financial highlights of the third quarter before opening the call up to your questions. A replay of today's call will be available by webcast on the company's website at pfholdingscorp.com, and a telephonic recording will be available until November 12, 2024. More information on how to access these replay features
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