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Liberty asun conference9/13/2023 The compounding effect of our last 12 months of share buybacks is evidenced by the 57% year-over-year increase in fully diluted earnings per share on a 45% increase in net income. We completed the initial repurchase authorization and now have $240 million of our buyback authorization remaining. Since the reinstatement of our return of capital program in July of 2022, including the initial $250 million buyback authorization and a subsequent upsize to $500 million in January, we have now returned $287 million to shareholders through cash dividends and the retirement of 9.7% of outstanding shares. In the second quarter, we returned $69 million to shareholders through the repurchase of 2.7% of shares outstanding plus our quarterly dividend. Strong cash generation enables long-term investment, together with a strong return of capital program. Our success in growing our long-term competitive advantage is illustrated by our trailing 12-month adjusted pre-tax return on capital employed of 44%. Liberty achieved adjusted EBITDA of $311 million and fully adjusted – fully diluted earnings per share of $0.87. We executed on another quarter with strong financial results, and I’m especially proud of our operations team for safely delivering the highest quarterly average daily pumping efficiency in our history, a high bar raised higher. Good morning, everyone and thank you for joining us for our second quarter 2023 operational and financial results. A reconciliation of net income to EBITDA and adjusted EBITDA and the calculation of adjusted pre-tax return on capital employed as discussed on this call are presented in our earnings release, which is available on the Investors section of our website. These non-GAAP measures, including EBITDA, adjusted EBITDA and adjusted pre-tax return on capital employed are not a substitute for GAAP measures and may not be comparable to similar measures of other companies. Our comments today also include non-GAAP financial and operational measures. These statements reflect the company’s beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings release and other public filings. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. Joining us on the call are Chris Wright, Chief Executive Officer Ron Gusek, President Michael Stock, Chief Financial Officer and Ryan Gosney, Chief Accounting Officer.īefore we begin, I would like to remind all participants that some of our comments today may include forward-looking statements reflecting the company’s views about future prospects, revenues, expenses or profits. Good morning and welcome to Liberty Energy’s second quarter 2023 earnings conference call. I would now like to turn the conference over to Anjali Voria, Strategic Finance and Investor Relations Lead. Please note this event is being recorded. Welcome to the Liberty Energy Earnings Conference Call. ( NYSE: LBRT) Q2 2023 Earnings Conference Call J10:00 AM ETĪnjali Voria - Strategic Finance and Investor Relations Lead
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