ProFrac up on higher Q2 revenue; expects 'incremental improvement' in Q3
12/08/2022 13:26
** Shares of energy services company ProFrac Holding
PFHC.O climb 6.7% premarket to $19.54
** Shares set to open at over six-week high if gains hold
** Q2 revenue up 40% sequentially to $589.8 mln urn:newsml:reuters.com:*:nPn7q5D4Ca
** Co says revenue increase driven by higher average pricing
and higher activity levels
** PFHC says it expects incremental improvement in Q3
results, as compared to Q2 attributable to further bundling of
materials with its pressure pumping services, continued pricing
improvements, and the anticipated deployment of first electric
fleet
** PFHC is deploying its first electric fleet during Q3 and
expects to average about 31 active fleets for the full quarter
** Co had 31 average active fleets during Q2
(Reporting by Arunima Kumar in Bengaluru)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))