Loading...
•
Sep 30, 2020
Rpc Q3 2020 Earnings Report
RPC's financial performance for Q3 2020 was announced, revealing a decrease in revenue but a narrower operating loss compared to the previous year.
Key Takeaways
RPC, Inc. reported revenues of $116.6 million for Q3 2020, a 60.2% decrease compared to Q3 2019. The operating loss was $31.8 million, an improvement from the $92.6 million loss in the same period last year. The net loss was $16.4 million, or $0.08 loss per share, compared to a net loss of $69.2 million, or $0.33 loss per share, in Q3 2019.
Revenues decreased by 60.2% compared to the third quarter of 2019.
Operating loss narrowed to $31.8 million, compared to $92.6 million in the same period of the prior year.
Net loss was $16.4 million, or $0.08 loss per share, compared to a net loss of $69.2 million, or $0.33 loss per share, in the third quarter of 2019.
The company's cash balance remained relatively unchanged from the end of the second quarter and it remained debt free.
Rpc
Rpc
Forward Guidance
Current activity and pricing are inadequate to generate sustainable financial returns, so the company will continue to focus on expense management and limit capital investment until the oilfield market improves.