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Jun 30, 2020
Rpc Q2 2020 Earnings Report
Announced second quarter 2020 financial results, reflecting a significant decrease in revenues and operating loss due to lower activity levels and pricing.
Key Takeaways
RPC, Inc. reported a significant decrease in revenues for the second quarter of 2020, with revenues of $89.3 million, a 75.1% decrease compared to the same period in 2019. The company experienced an operating loss of $37.5 million and a net loss of $25.1 million, or $0.12 loss per share.
Revenues decreased by 75.1% compared to the second quarter of 2019, totaling $89.3 million.
Operating loss was $37.5 million, compared to an operating profit of $8.4 million in the same period of the prior year.
Net loss was $25.1 million, or $0.12 loss per share, compared to net income of $6.2 million, or $0.03 earnings per share, in the second quarter of 2019.
Cash balance increased by $62.8 million compared to the end of the first quarter, reaching $145.4 million.
Rpc
Rpc
Forward Guidance
RPC anticipates industry activity will modestly increase during the second half of 2020, but the company is unsure whether this is the start of a sustained recovery. As a result, RPC will continue to focus on cost management, pricing discipline and capital expenditure controls.