Stock Track | ProPetro Stock Soars After Q3 Earnings Beat, New Electric Fracking Fleets

Stock Track

Nov 04, 2024

Shares of ProPetro Holding Corp. (PUMP) surged 5.17% on Friday after the oilfield services company reported better-than-expected third quarter earnings and provided updates on its transition to cleaner fracking technologies.

For the quarter ended September 30th, ProPetro posted adjusted earnings per share of $0.12, surpassing analysts' consensus estimate of $0.03. Revenues of $360.9 million also exceeded expectations of $358 million, though they declined 14.8% year-over-year.

The earnings beat was driven by improved pricing and increased activity levels in the quarter, helping to offset a 42.7% spike in costs and expenses compared to the prior year period. ProPetro also took a $189 million non-cash impairment charge related to its older diesel fracking fleet as it shifts focus to newer electric fracturing units.

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(PUMP) surged 5.17% on Friday after the oilfield services company reported better-than-expected third quarter earnings and provided updates on its transition to cleaner fracking technologies.</p>\n\n<p>For the quarter ended September 30th, ProPetro posted adjusted earnings per share of $0.12, surpassing analysts' consensus estimate of $0.03. Revenues of $360.9 million also exceeded expectations of $358 million, though they declined 14.8% year-over-year.</p>\n\n<p>The earnings beat was driven by improved pricing and increased activity levels in the quarter, helping to offset a 42.7% spike in costs and expenses compared to the prior year period. ProPetro also took a $189 million non-cash impairment charge related to its older diesel fracking fleet as it shifts focus to newer electric fracturing units.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PUMP","symbol_name":"Propetro Holding Corp.","start_time":0,"source_url":"","article_id":"1122811237","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1122811237","pubTimestamp":1730731462,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of ProPetro Holding Corp.  surged 5.17% on Friday after the oilfield services company reported better-than-expected third quarter earnings and provided updates on its transition to cleaner fracking technologies.For the quarter ended September 30th, ProPetro posted adjusted earnings per share of $0.12, surpassing analysts' consensus estimate of $0.03. 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