Liberty Oilfield Services Reports Q4 Earnings Beat, Revenue Miss
DENVER, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Liberty Oilfield Services Inc. (LBRT) reported fourth-quarter profit of $51.9 million, exceeding Wall Street expectations. Earnings per share reached 31 cents, while adjusted earnings were 10 cents per share.
Analysts surveyed by Zacks Investment Research had forecasted earnings of 9 cents per share. However, revenue of $943.6 million fell short of the $977.2 million analysts anticipated.
For the full year, Liberty Oilfield reported profit of $316 million ($1.87 per share) and revenue of $4.32 billion.
The provider of hydraulic fracturing services attributed its earnings beat to strong operational performance and cost control. However, the revenue miss was due to lower-than-expected activity in certain regions.
Liberty Oilfield Services remains optimistic about its prospects for growth in the coming year, citing strong demand for its services in key markets.