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Sep 30, 2023
Rpc Q3 2023 Earnings Report
RPC's Q3 2023 financial results were announced, revealing a decrease in revenues and operating profit compared to the previous quarter, primarily due to declines in the pressure pumping business.
Key Takeaways
RPC Inc. reported a decrease in revenue to $330.4 million and a net income of $18.3 million, or $0.08 diluted earnings per share, for Q3 2023. The decline was primarily attributed to lower activity in the pressure pumping business, although the recently acquired Spinnaker cementing business positively contributed to results.
RPC's Q3 2023 revenues totaled $330.4 million, down from $415.9 million in Q2.
Operating profit for Q3 2023 was $22.7 million, a decrease from $82.4 million in Q2.
Net income for Q3 2023 was $18.3 million, or $0.08 diluted earnings per share, compared to $65.0 million, or $0.30 diluted earnings per share, in Q2.
The decline in revenues was primarily due to lower customer activity in the pressure pumping business, partially offset by the Spinnaker cementing acquisition.
Rpc
Rpc
Forward Guidance
The company expects a busy fourth quarter calendar working at acceptable terms.