ProPetro Q1 revenue jumps 21% sequentially to $424M; net income $29M

ProPetro Holding Corp.

2023-Q1 EPS reported $0.25 revenue$423,570,000

Net income $29M ($0.25/diluted share) vs $13M ($0.12) prior quarter; revenue $424M (+21% QoQ).
Adjusted EBITDA $119M (28% of revenue), up 42% sequentially; margin expanded >400 bps.
Effective frac fleet utilization 15.5 fleets; seven Tier IV DGB dual-fuel fleets operating, four electric fleets coming in 2023.
Net operating cash flow $73M; free cash flow negative $41M due to capex on electric fleet builds.
Plan to scrap ~140,000 HHP of Tier II diesel equipment; transitioning to lower-emission fleets.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ProPetro Holding Corp. reported first quarter of 2023 results: revenue $424 million, net income $29 million, or $0.25 per diluted share, EPS $0.25 per diluted share.

Period: first quarter of 2023
Revenue: $424 million
Net income: $29 million, or $0.25 per diluted share
EPS: $0.25 per diluted share
Result: reported results

Exact text from the filing

ProPetro Reports Financial Results for the First Quarter of 2023 MIDLAND, Texas, May 3, 2023 , (Business Wire) – ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the first quarter of 2023. First Quarter 2023 Results and Recent Highlights • Total revenue increased 21% sequentially to $424 million compared to the prior quarter. • Net income was $29 million, or $0.25 pe r diluted share, compared to net income of $13 million, or $0.12 per diluted share, in the prior quarter.

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Source: SEC EDGAR

accession 0001680247-23-000031

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