ProFrac Holding Corp. (NASDAQ: ACDC) saw its stock price plummet by 15.42% on Thursday, following the release of its second-quarter 2024 financial results that fell short of expectations.
The energy services company reported a net loss of $65.6 million for the quarter ended June 30, 2024, a significant decline from the net income of $3.0 million in the previous quarter. Revenue for the quarter came in at $579.4 million, down 18.3% from the same period last year and missing analyst estimates of $639.1 million.
ProFrac's adjusted EBITDA, a key profitability metric, also declined to $135.6 million in the second quarter, compared to $159.7 million in the first quarter. The company attributed the weaker performance to challenges in the market, with operators reducing drilling and completion activity, particularly in natural gas regions.
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