Shares of Liberty Oilfield Services Inc. (LBRT) surged 5.86% in after-hours trading on Wednesday, following the release of the company's first-quarter 2025 financial results that exceeded Wall Street expectations.

The Denver-based oilfield services provider reported a net income of $20.1 million, or $0.12 per diluted share, for the quarter ended March 31, 2025. Adjusted earnings came in at $0.04 per share, surpassing the average analyst estimate of $0.03 per share. Revenue for the quarter stood at $977.5 million, also topping Street forecasts of $944.9 million.

Liberty's strong performance was underpinned by improved operational efficiencies and higher fleet utilization. The company's CEO, Ron Gusek, noted, "Liberty delivered a solid first quarter, with revenue of $977 million and Adjusted EBITDA of $168 million. We saw strong sequential improvement in utilization across our fleet, reached new heights in operational efficiencies and safety performance, and set a new high watermark in asset lifespan for equipment components." The company also anticipates sequential growth in revenue and profitability in the second quarter, driven by higher utilization rates.