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Mar 31, 2024
ProPetro Q1 2024 Earnings Report
Reported strong financial results driven by increased utilization and strategic investments.
Key Takeaways
ProPetro reported a strong start to 2024, with a 17% increase in revenue compared to the previous quarter, reaching $406 million. Net income was $20 million, a significant improvement from the prior quarter's net loss of $17 million. The company's adjusted EBITDA also saw a substantial increase, reaching $93 million, reflecting a 45% rise compared to the previous quarter.
Total revenue increased by 17% to $406 million compared to the prior quarter.
Net income was $20 million, compared to a net loss of $17 million in the prior quarter.
Adjusted EBITDA increased by 45% to $93 million compared to the prior quarter.
The company increased its share repurchase program by $100 million, bringing the total to $200 million.
Revenue by Segment
Forward Guidance
ProPetro anticipates strong demand for its services and next-generation equipment, expecting fleet utilization between 14 and 15 fleets in the second quarter of 2024.
Positive Outlook
- Strong demand is expected for differentiated service quality.
- Next generation equipment is expected to remain strong.
- Fleet transition and investment will contribute to industry-leading efficiencies.
- Fleet transition and investment will contribute to high customer satisfaction.
- The company will continue to evaluate opportunities to enhance financial returns.
Challenges Ahead
- Market pressures persist in a slow-to-no-growth environment.
- Continued focus on execution is paramount.
- Peers face market pressures in a slow-to-no-growth environment.
- Company will remain opportunistic in value-accretive transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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