WILLOW PARK, Texas - ProFrac Holding Corp. (NASDAQ: ACDC), an energy services company, today announced a forthcoming change in its executive team with the resignation of Chief Financial Officer (CFO) Lance Turner, effective June 17, 2024. Turner will transition into a consulting role to assist the company and his successor, Austin Harbour.
Turner's departure comes after two years of service, during which time he played a key role in the company's financial management and strategic direction. Executive Chairman Matt Wilks expressed gratitude for Turner's contributions, particularly his efforts to strengthen the balance sheet and enhance liquidity, which he believes have fortified ProFrac for future success.
Austin Harbour, who will take over as CFO, brings a wealth of industry experience to ProFrac. Prior to this appointment, Harbour honed his expertise in energy services and equipment, advising on major M&A and restructuring transactions within the sector. His previous roles include positions at Piper Sandler Companies, Superior Energy Services (NYSE:SPN), Lazard (NYSE:LAZ) Freres, and Bank of America Merrill Lynch (NYSE:BAC). Harbour's academic credentials include an MBA from Texas A&M University and a bachelor's degree from Texas Christian University.
ProFrac, founded in 2016, is known for providing hydraulic fracturing and other related services to oil and natural gas companies in North America. The company emphasizes technology and innovation, aiming to reduce greenhouse gas emissions and increase efficiency in the E&P development process. ProFrac operates across three business segments: stimulation services, proppant production, and manufacturing.
InvestingPro Insights
As ProFrac Holding Corp. (NASDAQ: ACDC) prepares for a change in its CFO role, the company's financial metrics and market performance provide context for the transition. With a market capitalization of $1.43 billion, ProFrac's valuation reflects its position in the energy services industry. Despite a challenging market, the company has demonstrated a significant return over the last week, with an 8.48% price total return, and an even stronger return over the last three months at 17.92%. This performance may signal investor confidence in the company's strategic direction and operational efficiency.
An InvestingPro Tip that stands out for ProFrac is the expectation of net income growth this year, which aligns with the company's emphasis on innovation and efficiency. This anticipated growth could be a testament to the company's potential to leverage market opportunities and drive future success, especially with the new financial leadership of Austin Harbour.
Moreover, ProFrac's shareholder yield is highlighted as high, according to another InvestingPro Tip. This could be indicative of the company's commitment to delivering value to its investors, despite not paying a dividend. The focus on strengthening the balance sheet, as mentioned in the executive chairman's statement, seems to be resonating with market watchers.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available for ProFrac at https://www.investing.com/pro/ACDC. These tips can provide further insights into the company's financial health and market potential. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a comprehensive list of tips to guide investment decisions.
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