Liberty Energy Q1 2024 – Revenue Decreases 15%

By Bobby Samwell • Thursday, April 18 10:21 • Permanent Link

Liberty Energy Inc. has announced its first quarter 2024 financial and operational results. Here are the specific figures:

Revenue for the first quarter of 2024 was $1.1 billion, a decrease of 15% from the first quarter of 2023 and approximately flat from the fourth quarter of 2023.
Net income (after taxes) for the first quarter of 2024 was $82 million, compared to $163 million in the first quarter of 2023 and $92 million in the fourth quarter of 2023.
Adjusted EBITDA for the first quarter of 2024 was $245 million, a decrease of 26% from the first quarter of 2023 and a 3% decrease from the fourth quarter of 2023.
Fully diluted earnings per share for the first quarter of 2024 were $0.48, compared to $0.90 for the first quarter of 2023 and $0.54 for the fourth quarter of 2023.

The company also highlighted its distribution of $42 million to shareholders through share repurchases and cash dividends during the first quarter of 2024. Additionally, Liberty repurchased and retired 0.9% of shares outstanding during the first quarter, and a cumulative 12.5% of shares outstanding since reinstatement of the repurchase program in July 2022.

As of March 31, 2024, Liberty had cash on hand of $24 million and total debt of $166 million drawn on the secured asset-based revolving credit facility. The total liquidity, including availability under the credit facility, was $315 million as of March 31, 2024.

The company also provided an outlook, expecting low double-digit sequential growth in revenue on stable pricing and increased efficiency, as well as strong cash flow generation in 2024.

Liberty will host a conference call to discuss the results on April 18, 2024, where the executive team will present the details.

This announcement comes as Liberty Energy Inc. continues to position itself as a leading North American energy services firm, focusing on the sustainable development of unconventional energy resources in partnership with its customers. Today the company's shares have moved 7.2% to a price of $23.06. For more information, read the company's full 8-K submission here.

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