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The company posted earnings per share (EPS) of $0.48, which fell short of analyst estimates by $0.06. Despite this, revenue reached $1.1 billion, slightly exceeding the consensus estimate of $1.08 billion.
The oilfield services provider experienced a 15% decrease in revenue from the first quarter of the previous year, which was reported at $1.3 billion. Net income also saw a significant drop to $82 million, compared to $163 million in the same quarter last year. Adjusted EBITDA declined by 26% year-over-year (YoY) to $245 million.
Liberty Energy’s CEO, Chris Wright, highlighted the company’s focus on profitable growth through disciplined investment in talent, technology, and equipment. He emphasized that their strategic investments in digiFleets and power and fuel supply through Liberty Power Innovations (LPI) are expected to deliver superior returns over time. Wright also mentioned the company’s excitement over new partnerships in the Australian Beetaloo shale gas basin.
Looking ahead, Liberty Energy anticipates low double-digit sequential growth in revenue for the second quarter, with stable pricing and increased efficiency expected to improve profitability. The company remains confident in its ability to generate strong cash flow throughout 2024, supporting investments in technology transitions and its robust capital return program.
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