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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.
Rpc
Rpc
Rpc Revenue by Segment
Revenue by Segment
Technical Services Revenue
CapyFin.comSupport Services Revenue
CapyFin.com 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.
- Risk that our assessments, such as regarding the oversupplied nature of oilfield services, will turn out incorrect.
Revenue & Expenses
Visualization of income flow from segment revenue to net income