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Sep 30, 2021
Rpc Q3 2021 Earnings Report
RPC's Q3 2021 financial results were announced, showing revenue growth and a return to profitability.
Key Takeaways
RPC, Inc. reported a significant increase in revenue and a return to profitability in Q3 2021. Revenues increased by 93.3% compared to the prior year, driven by higher activity levels and pricing improvements. The company achieved an operating profit of $8.0 million and a net income of $5.3 million, a substantial improvement from the losses reported in the same quarter of the previous year.
Revenues increased by 93.3% year-over-year to $225.3 million due to higher activity levels and pricing improvements.
Operating profit was $8.0 million, a significant improvement from the $31.8 million operating loss in the prior year.
Net income was $5.3 million, or $0.02 diluted earnings per share, compared to a net loss of $16.4 million, or $0.08 loss per share in the prior year.
EBITDA for the quarter was $26.5 million, compared to negative $12.3 million in the same period of the prior year.
Forward Guidance
RPC anticipates managing increasing costs, supply chain constraints, and customer pricing in the coming quarters to optimize efficiency and profitability.
Positive Outlook
- Customers' optimism regarding higher commodity prices continues to grow.
- Signs of net pricing improvements due to an improving operating environment.
- New Tier IV dual-fuel pressure pumping fleet placed into service.
- Preference for ESG-friendly equipment with superior performance characteristics.
- Focus on managing increasing costs.
Challenges Ahead
- Pressure pumping remains highly competitive due to the supply of idle equipment.
- Increasing costs.
- Supply chain constraints.
- Customer pricing pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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