Liberty Energy Inc (NYSE:LBRT)
$ 17.46 0.37 (2.17%) Market Cap: 2.85 Bil Enterprise Value: 3.24 Bil PE Ratio: 8.31 PB Ratio: 1.45 GF Score: 75/100
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Q3 2024 Liberty Energy Inc Earnings Call Transcript

Oct 17, 2024 / 02:00PM GMT
Release Date Price: $18.3 (-8.91%)

Key Points

Positve
  • Liberty Energy Inc (LBRT) delivered a solid quarter with revenue of $1.1 billion and adjusted EBITDA of $248 million, despite a slowing demand environment.
  • The company achieved record operational performance with its digiPrime fleet, setting a company record for hours pumped in a month.
  • Liberty Energy Inc (LBRT) generated strong free cash flow, enabling a robust return of capital program, including $39 million in share repurchases.
  • The company announced a 14% increase in its quarterly cash dividend to $0.08 per share, enhancing shareholder returns.
  • Strategic investments in innovative businesses and leading-edge technologies are expected to expand Liberty Energy Inc (LBRT)'s competitive advantage and market opportunities.
Negative
  • Liberty Energy Inc (LBRT) experienced a 2% sequential decline in revenue due to pricing headwinds.
  • Net income after tax decreased to $74 million from $108 million in the prior quarter, reflecting a challenging market environment.
  • The company anticipates a low double-digit percentage reduction in Q4 activity, more than the typical seasonal softening.
  • Pricing pressures are inconsistent with anticipated market demand, leading to potential challenges in maintaining profitability.
  • Liberty Energy Inc (LBRT) plans to temporarily reduce its deployed fleet count by approximately 5% due to near-term reductions in customer activity and market pressures.
Operator

Welcome to the Liberty Energy earnings conference call. (Operator Instructions) Please note, this event is being recorded.

I would now like to turn the conference over to Anjali Voria, Director of Investor Relations. Please go ahead.

Anjali Voria
Liberty Energy Inc - Director of IR

Thanks, Wyatt. Good morning, and welcome to the Liberty Energy third-quarter 2024 earnings call. Joining us on the call are Chris Wright, Chief Executive Officer; Ron Gusek, President; and Michael Stock, Chief Financial Officer.

Before we begin, I would like to remind all participants that some of our comments today may include forward-looking statements reflecting the company's view about future prospects, revenues, expenses, or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings release and other public filings.

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