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Sep 30, 2024
ProPetro Q3 2024 Earnings Report
ProPetro's financial performance was reported for Q3 2024, with revenue increasing slightly but a significant net loss due to impairment expenses.
Key Takeaways
ProPetro's Q3 2024 results showed a slight increase in revenue, but a significant net loss due to a non-cash impairment expense. Adjusted EBITDA increased, and the company continued its share repurchase program.
Revenue increased by 1% to $361 million compared to the prior quarter.
Net loss was $137 million, including a $189 million noncash impairment expense.
Adjusted EBITDA increased 8% to $71 million, representing 20% of revenue.
The company repurchased 1.3 million shares during the quarter.
Revenue by Segment
Forward Guidance
ProPetro anticipates some industry softness due to normal seasonality and budget exhaustion in Q4, but expects demand for its services to remain strong. The company is focused on cost management and capital discipline to deliver strong financial results.
Positive Outlook
- Demand for services remains strong despite expected industry softness.
- ProPetro is uniquely positioned to capture opportunities and win market share.
- Company is focused on cost management and capital discipline.
- Healthy liquidity and a clean balance sheet.
- Derisking of future earnings through next generation equipment and associated contracts.
Challenges Ahead
- Expects some industry softness through normal seasonality and budget exhaustion in Q4.
- Short-term working capital headwinds impacted free cash flow.
- Unfavorable weather delays during the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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