WILLOW PARK, Texas - ProFrac Holding Corp. (NASDAQ: ACDC) has reported its financial results for the first quarter ended March 31, 2024. The company announced a revenue of $581.5 million for the quarter, which fell short of the consensus estimate of $586.1 million. Despite this, the company's revenue reflected a sequential growth of approximately 19% from the fourth quarter of 2023.
The first quarter's revenue also marked an increase when compared to the same period last year, indicating a positive trend in the company's financial performance. ProFrac's net income stood at $3.0 million, a significant turnaround from a net loss of $96.5 million in the previous quarter. Adjusted EBITDA saw a substantial sequential increase of around 46% to $159.7 million, and net cash provided by operating activities grew by approximately 85% to $79.1 million.
Matt Wilks, ProFrac's Executive Chairman, expressed satisfaction with the first quarter results, attributing the improvement to strategic initiatives that began in the latter half of 2023. He highlighted the company's scale, utilization, and efficiencies, which have led to lower costs and higher profitability. The disciplined deployment of a substantial number of fleets during the quarter was particularly noted as a contributor to the company's success.
Looking ahead, ProFrac anticipates steady pricing in its Stimulation Services segment and foresees opportunities to further enhance profitability per fleet due to its cost structure and operating leverage. In the Proppant Production segment, the company expects volumes and profitability to improve as third-party volumes grow in tandem with stimulation services segment volumes.
Capital expenditures for the first quarter amounted to $59.9 million, an increase attributed to fleet deployments and other growth-related initiatives, including fleet upgrades and mine optimization. For the full year 2024, ProFrac anticipates maintenance-related capital expenditures to be between $150 million and $200 million, with growth-related capital expenditures expected to remain around $100 million.
The balance sheet shows a reduction in total net debt, which decreased by approximately $26 million from the fourth quarter. The company reported total cash and cash equivalents of $28.3 million as of the end of the quarter.
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