ProFrac Holding Q1 Profit Plunges On Weak Revenues

(RTTNews) - ProFrac Holding Corp. (ACDC), an industrial sand miner, reported Thursday that its first-quarter net income attributable to Class A common shareholders was $0.6 million, sharply lower than last year's $22 million.

Total adjusted EBITDA declined to $159.7 million from $247.1 million a year ago.

Total revenues also dropped to $581.5 million from prior year's $857.5 million. Total revenue, however, grew approximately 19% sequentially.

Looking ahead, the company expects pricing to remain steady in the Stimulation Services segment.

In the Proppant Production segment, volumes and profitability are expected to improve.

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