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Sep 30, 2024
Rpc Q3 2024 Earnings Report
RPC reported lower revenues and profits due to challenging oilfield services market.
Key Takeaways
RPC reported a decrease in revenues and net income compared to the previous quarter. Revenues decreased by 7% sequentially to $337.7 million, and net income decreased by 42% sequentially to $18.8 million. The results reflect lower utilization and pricing in pressure pumping.
Revenues decreased 7% sequentially to $337.7 million.
Net income was $18.8 million, down 42% sequentially, and diluted EPS was $0.09.
Adjusted EBITDA was $55.2 million, down 19% sequentially.
The Company remained debt-free and paid $8.6 million in dividends in 3Q:24, ending the quarter with $277 million in cash.
Revenue by Segment
Forward Guidance
RPC anticipates expanding innovative new products and services in coiled tubing and downhole tools, while maintaining a strong balance sheet to support existing businesses, potential M&A, and dividend payments.
Positive Outlook
- Expanding innovative new products and services in coiled tubing.
- Expanding innovative new products and services in downhole tools.
- Capitalizing on attractive opportunities.
- High appetite for high-quality acquisitions.
- Strong balance sheet to support existing businesses, potential M&A and dividend payments.
Challenges Ahead
- Price of oil and natural gas and overall performance of the U.S. economy.
- Business interruptions due to adverse weather conditions.
- Changes in the competitive environment of our industry.
- Political instability in the petroleum-producing regions of the world.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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