Liberty Energy reports Q3 EPS 44c, consensus 58c

Reports Q3 revenue $1.14B, consensus $1.15B. “Liberty delivered a solid quarter with revenue of $1.1 billion and Adjusted EBITDA1 of $248 million. We again reached new heights in efficiencies, pumping more hours in a quarter than ever before, amidst a backdrop of a slowing demand environment. A Liberty digiPrime fleet set the company record for number of monthly hours pumped by any crew in company history. I’m proud of our team for executing at the highest operating levels, generating strong financial performance and value for our customers,” commented Chris Wright, CEO. Our strategic investments in digiFleets and power generation are expanding our competitive advantage and market opportunities, while enabling a robust return of capital program. Since July 2022, we have distributed $509 million to shareholders through the retirement of 14% of shares outstanding and quarterly cash dividends. This week we announced a 14% increase in our quarterly cash dividend to $0.08 per share. The compounding effect of share buybacks and dividends is driving higher total shareholder returns over cycles. Focused investments have allowed us to develop new markets and lead technology innovation and operational efficiency in the industry. Over the past year, Liberty entered partnerships to develop the new gas-rich Beetaloo Basin in Australia. We have taken a significant step forward with the arrival of a Liberty fleet in country. During the third quarter, the Liberty Advanced Equipment Technologies (LAET) manufacturing and assembly division delivered its first digiPrime pumps. Additionally, Liberty Power Innovations’ (LPI) expanded operations in the DJ Basin are off to a strong start, helping bring our frac fleet CNG fueling services to critical mass. Today, the rising demand for power in commercial and industrial applications offers compelling opportunities for LPI. We are excited to leverage the expertise that we have built constructing and managing power plants for frac fleets to additional opportunities both inside and outside the oilfield.”