Thu, Jul 18, 8:47 PM (51 days ago)
Liberty Energy Inc.'s Form 10-Q for the quarter ended June 30, 2024, highlights a slight revenue decline of 2.9% YoY to $1.16 billion, attributed to lower materials and service prices despite higher activity levels. Operating income decreased by $64.6 million to $141.8 million, primarily due to increased depreciation and a loss on asset disposal. Net income fell to $108.4 million from $152.7 million, impacted by a reduced income tax expense of $32.6 million. EBITDA and Adjusted EBITDA also saw declines, reflecting lower pricing and activity changes. The company maintains strong liquidity with $30 million in cash and significant borrowing capacity under its ABL Facility. Future outlook remains cautiously optimistic, anticipating a resurgence in demand for hydraulic fracturing services.