ProFrac Holding Corp. announced its financial and operational results for the third quarter ended September 30, 2024. The company reported Stimulation Services revenue of $507.1 million, which resulted in $112.6 million of Adjusted EBITDA. The Proppant Production segment generated revenues of $52.8 million, with an Adjusted EBITDA of $17.3 million.
Cash capital expenditures totaled $70 million in the third quarter, remaining flat from the prior quarter. For the full year 2024, the company expects capital expenditures to be closer to the lower end of its previously provided guidance. Total debt outstanding as of September 30, 2024, was $1.17 billion, and net debt was $1.18 billion.
ProFrac achieved new operating efficiency records per active fleet during the quarter, demonstrating performance amidst a challenging market. The company anticipates pricing and activity to decline in the fourth quarter for both Stimulation Services and Proppant Production, but expects a recovery in activity in 2025.
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