Liberty Energy Q3 earnings miss estimates, shares rise on outlook

DENVER - Liberty Energy Inc. (NYSE: LBRT) reported third quarter earnings that fell short of analyst expectations, but shares rose 2% as the company provided an optimistic outlook for 2025.

The oilfield services provider posted adjusted earnings per share of $0.45, missing the consensus estimate of $0.58. Revenue came in at $1.1 billion, below analysts' projections of $1.14 billion and down 2% from the previous quarter.

Despite the earnings miss, Liberty's CEO Chris Wright expressed confidence in the company's positioning for 2025. "We are well-positioned to deliver on our dual priorities of strategic investment and return of capital to shareholders, creating value over the long-term," Wright stated.

The company reported net income of $74 million for the quarter, down from $149 million in the same period last year. Adjusted EBITDA was $248 million, compared to $319 million in Q3 2023.

Liberty said it expects a low double-digit percentage reduction in Q4 activity, but anticipates completions activity to increase in early 2025 to support flat oil and gas production targets. The company also announced a 14% increase in its quarterly cash dividend to $0.08 per share.

During the quarter, Liberty repurchased and retired 1.2% of shares outstanding for approximately $39 million. The company has cumulatively repurchased 14.3% of shares outstanding since July 2022.

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Source: Investing.com