ProPetro's first quarter of 2023 saw a 21% sequential increase in total revenue to $424 million, with net income rising to $29 million, or $0.25 per diluted share. Adjusted EBITDA increased 42% sequentially to $119 million, representing 28% of revenues. Effective frac fleet utilization increased to 15.5 fleets compared to 14.5 fleets in the prior quarter.
Total revenue increased 21% sequentially to $424 million compared to the prior quarter.
Net income was $29 million, or $0.25 per diluted share, compared to net income of $13 million, or $0.12 per diluted share, in the prior quarter.
Adjusted EBITDA for the quarter increased 42% sequentially to $119 million or 28% of revenues, including a margin increase of over 400 basis points.
Effective frac fleet utilization increased to 15.5 fleets compared to 14.5 fleets in the prior quarter.
Full-year 2023 cash capital expenditures are still anticipated to be between $250 million and $300 million, a reduction compared to 2022. The Company anticipates that ongoing fleet revitalization and strategic investments will continue to increase the competitiveness of our service offering. Additionally, based on our current outlook for the second quarter of 2023, the Company anticipates frac fleet utilization to range between 15 to 16 fleets.
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