Profrac Holding Corp (NASDAQ:PFHC) stock fell 1.57% (As on June 17, 11:16:03 AM UTC-4, Source: Google Finance) after the company posted a profit and more than doubled its revenue in its first quarter. Net income attributable to the oilfield services company was $23.7 million for the period, compared with a loss of $26 million a year ago. On an adjusted basis, earnings before interest, taxes, depreciation and amortization were $91.5 million for the period, or $16.9 million per fleet on an annualized basis. The Willow Park, Texas-based company went public on May 13, and the initial public offering resulted in about $304 million in proceeds. ProFrac has also finalized the acquisition of FTS International Inc. in March, which boosted the company’s average fleet count to roughly 22 fleets for the period. The company said it expects to operate 31 average fleets in the second quarter and to record $23 million to $25 million of annualized adjusted EBITDA per fleet in the period.

The company had reported the adjusted revenue of $345 million in the first quarter of FY 22, missing the analysts’ estimates for revenue of $421.8 million. SG&A was $34.1 million and included $13.0 million of transaction costs related to the FTSI acquisition.  Net income was $24.1 million.  Adjusted EBITDA totaled $91.5 million in the first quarter of 2022, or $16.9 million per fleet on an annualized basis. With 17 average active fleets before the FTSI acquisition and 31 average active fleets for the month of March post acquisition, the Company’s average active fleet count for the 2022 first quarter was 21.7 fleets.

Moreover, the Stimulation Services segment generated revenues in the first quarter of 2022 of $336.2 million, which resulted in $73.6 million of Adjusted EBITDA.  The FTSI acquisition contributed $48.6 million in revenue, or 14%, which included approximately one month’s revenue during the quarter. The Manufacturing segment generated revenues of $32.0 million in the first quarter of 2022, which resulted in $10.0 million of Adjusted EBITDA.  Approximately 84% of the Manufacturing segment’s revenue was intercompany. The Proppant Production segment generated revenues of $12.4 million in the first quarter of 2022, which resulted in $7.9 million of Adjusted EBITDA.  Approximately 69% of the Proppant Production segment’s revenue was intercompany.

For the second quarter of 2022, the Company expects strong growth in revenues and substantial improvements to profitability compared to the first quarter of 2022.