ProPetro Holding (PUMP) reported Q3 EPS of $0.10, $0.18 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $333 million versus the consensus estimate of $336.78 million.
Guidance:
Based on projected activity levels and ProPetro's purchase of additional Tier IV DGB pumps, the Company's outlook for full year 2022 cash capital expenditures is expected to be approximately $325 million, which will be shown in the statement of cash flows and which represents the midpoint of the prior range. We expect incurred capital expenditures to be slightly above the top end of the prior range of $350 million due to timing. Looking to next year and beyond, the Company expects capital expenditures to decrease and are accordingly focused on creating a more resilient company with the financial strength and flexibility to power ProPetro’s strategy to deliver returns to shareholders.
Additionally, based on our current calendar outlook for the fourth quarter of 2022, we anticipate to be in line with our prior second half of 2022 fleet guidance ranging between 14 and 15 fleets.