Liberty Energy Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a decline in revenue and profitability compared to the same periods in 2023. Total revenue for Q3 2024 was $1,138.6 million, down 6.4% from $1,215.9 million in Q3 2023. For the nine months ended September 30, 2024, total revenue decreased by 8.2% to $3,371.6 million from $3,672.9 million in the prior year.
Operating income for Q3 2024 was $107.3 million, a significant drop from $205.2 million in Q3 2023. Similarly, net income for the quarter fell to $73.8 million from $148.6 million year-over-year. For the nine-month period, net income decreased to $264.1 million from $464.0 million in 2023. Basic net income per share for Q3 2024 was $0.45, down from $0.88 in Q3 2023, while for the nine months, it decreased to $1.59 from $2.68.
The decline in revenue and profitability was attributed to a decrease in hydraulic fracturing services, with notable clients such as Franklin Mountain Energy and Liberty Resources LLC contributing less compared to the previous year. The average WTI price also fell to $76.43 per barrel in Q3 2024 from $82.25 in Q3 2023, impacting overall revenue.
Liberty Energy's total assets increased to $3,272.9 million as of September 30, 2024, from $3,033.6 million at the end of 2023. However, cash and cash equivalents decreased to $23.0 million from $36.8 million during the same period. The company reported total current liabilities of $748.6 million, up from $639.4 million at the end of 2023.
In terms of strategic developments, Liberty Energy completed the acquisition of Siren Energy & Logistics, LLC for $75.7 million in April 2023, which contributed to an increase in property and equipment. The company also launched Liberty Power Innovations LLC in early 2023 to provide alternative fuel solutions, indicating a shift towards more sustainable energy practices.
The company maintained a share repurchase program, with $322.9 million remaining authorized for future repurchases as of September 30, 2024. Additionally, Liberty Energy's effective global income tax rate decreased to 23.5% from 24.6% in the previous year, reflecting a reduction in income tax expense due to lower net income before taxes.
Overall, Liberty Energy Inc. faced challenges in revenue generation and profitability during the reported periods, influenced by market conditions and client demand, while also pursuing strategic initiatives to enhance its service offerings and sustainability efforts.
About Liberty Energy Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.