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Sep 30, 2022
Rpc Q3 2022 Earnings Report
RPC's financial results significantly improved due to favorable industry fundamentals and higher commodity prices, supporting customers' enhanced drilling and completion activities.
Key Takeaways
RPC, Inc. reported revenues of $459.6 million, a 22.4 percent increase compared to the second quarter of 2022. Operating profit was $92.2 million, and net income was $69.3 million, or $0.32 diluted earnings per share. EBITDA increased by 40.3 percent to $113.0 million.
Revenues increased by 22.4% compared to the second quarter of 2022, reaching $459.6 million.
Operating profit for the third quarter of 2022 was $92.2 million, compared to $60.4 million in the second quarter of 2022.
Net income for the third quarter of 2022 was $69.3 million, or $0.32 diluted earnings per share.
EBITDA for the third quarter of 2022 was $113.0 million, a 40.3 percent increase compared to the second quarter of 2022.
Rpc
Rpc
Forward Guidance
Although a seasonal slowdown during the fourth quarter is possible, our visibility into early 2023 indicates continued strong demand for our services.
Positive Outlook
- Continued strong demand for services into early 2023.
Challenges Ahead
- Possible seasonal slowdown during the fourth quarter.