ProFrac Holding reports Q2 EPS (2c), consensus 27c

Reports Q2 revenue $709.2M, consensus $751.21M. Matt Wilks,CEO, stated, “Our Q2 results were challenged as a result of customer consolidation, coordination with customer capital expenditure schedules, and the impacts of the recent banking crisis on private operators. We have adjusted our cost structure to right size our organization, through the acceleration of acquisition synergies and headcount reductions. Most of these reductions will be reflected in Q3. We expect to see our mining assets grow sales and expand our customer footprint. We’re pleased to see improving industry fundamentals and disciplined behavior from our peers, which support a constructive outlook for the second half of 2023. We continue to remain focused on maximizing utilization and profitability and adapting our cost structure to further improve our cash flow. We strongly believe that our vertical integration strategy differentiates us and results in the potential for strong cash flow generation,” continued Wilks. “We believe the biggest value driver is diversifying our proppant segment customer base to further demonstrate our strong cash flow potential.”