FX.co ★ ProFrac Holding Q1 Profit Plunges On Weak Revenues

ProFrac Holding Corp., a leading industrial sand miner known as ACDC, declared on Thursday a significant drop in its first-quarter net income allocated to its Class A common stakeholders, which stood at $0.6 million, as compared to $22 million in the previous year.

There was also a notable decline in the firm's total adjusted EBITDA, from the former $247.1 million to the present $159.7 million. Similarly, total revenues experienced a slump, reducing from the previous year's $857.5 million to the current $581.5 million. Even with this setback, the company recorded a sequential growth of around 19% in total revenue.

Peering into the future, ProFrac Holding Corp. predicts stable prices within their Stimulation Services sector. Moreover, the Proppant Production segment is expected to witness an upward trend in both volumes and profitability.