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Liberty Energy (LBRT) Q4 FY2023 earnings: revenue $1.1 billion, down 12.3% on the year

Liberty Energy Inc. (LBRT) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 12.3% on the same quarter a year earlier. Net income was $92 million, down 39.6% on the year, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$1.1 billiondown 12.3%
Net income$92 milliondown 39.6%
Diluted EPS$0.54
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue1,0751,216n/an/a
Cost of revenue777850n/an/a
Gross profit298366n/an/a
Gross margin27.7%30.1%n/a
Operating income124205n/an/a
Operating margin11.5%16.9%n/a
Interest expensen/a7.3n/an/a
Income tax26.849.8n/an/a
Net income92.4149n/an/a
Net margin8.6%12.2%n/a
Diluted EPS$0.54$0.85n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow295275n/an/a
Capital expenditure138173n/an/a
Free cash flow157103n/an/a
Free cash flow margin14.6%8.4%n/a
Cash from investing-144-172n/an/a
Cash from financing-141-108n/an/a
Depreciation and amortisation118109n/an/a
Share-based compensation9.28.6n/an/a
Buybacks39.129.3n/an/a
Dividends paid11.78.4n/an/a
Dividend per sharen/a$0.05n/an/a
Diluted shares, weighted173m174mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity1,8411,789n/an/a
Non-controlling interest0.00.0n/an/a
Debt140223n/an/a
Operating lease liabilities64.369.8n/an/a
Finance lease liabilities13498.1n/an/a
Other liabilities854910n/an/a
Total liabilities and equity3,0343,089n/an/a
Fixed assets1,6451,613n/an/a
Cash and equivalents36.826.6n/an/a
Inventory206212n/an/a
Other assets1,1461,237n/an/a
Total assets3,0343,089n/an/a

Questions

What was Liberty Energy's revenue in Q4 FY2023?

Liberty Energy (LBRT) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 12.3% on the same quarter a year earlier.

How much did Liberty Energy earn in Q4 FY2023?

Net income for Q4 FY2023 was $92 million, down 39.6% on the year, and diluted earnings per share $0.54.

When did Liberty Energy report Q4 FY2023 results?

Liberty Energy filed its 10-K for the year that ended with the quarter on 9 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,2161,0751,0731,1601,1399449771,0439471,0391,0211,189
Cost of revenue850777783836840742762812770825844980
Gross profit366298290324298202216230178214177208
Gross margin30%28%27%28%26%21%22%22%19%21%17%18%
Operating income20512411514210724.918.237.1-2.419.922.312.7
Operating margin17%12%11%12%9%3%2%4%-0%2%2%1%
Interest expense7.3n/a7.18.18.68.59.510.210.99.77.73.4
Net income14992.481.910873.851.920.171.043.113.722.643.1
Net margin12%9%8%9%6%5%2%7%5%1%2%4%
Diluted EPS$0.85$0.54$0.48$0.64$0.44$0.31$0.12$0.43$0.26$0.08$0.14$0.26
Operating cash flow27529515924824417719217151.51958.4133
Capital expenditure173138145136167203134138119205157224
Free cash flow10315714.411277.9-26.258.233.1-67.2-10.0-149-90.8
Buybacks29.339.130.229.639.430.224.00.90.00.00.00.0
Dividends paid8.411.711.612.211.413.013.213.813.014.614.615.7
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0001694028-24-000006: the filing on EDGAR. All of Liberty Energy Inc.'s filings: EDGAR company page.

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