RPC Q1 2023 revenue $476.7M, net income $71.5M ($0.33 EPS), down from Q4 2022

RPC INC

2023-Q1 EPS reported $0.33 revenue$476,668,000

Revenue $476.7M, down 1% from Q4 2022's $482.0M; operating profit $90.7M vs $112.3M.
Net income $71.5M ($0.33 diluted EPS) vs $87.0M ($0.40) in Q4 2022; adjusted EPS $0.39.
Non-cash pension settlement charge of $17.4M recorded in Q1 2023.
Adjusted EBITDA $132.9M vs $138.4M in Q4 2022; cost of revenues 64.0% of revenue.
Weather disruptions and change in job mix in pressure pumping impacted results.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

RPC INC reported the first quarter ended March 31, 2023 results: revenue $476.7 million, net income $71.5 million, EPS $0.33 diluted earnings per share.

Period: the first quarter ended March 31, 2023
Revenue: $476.7 million
Net income: $71.5 million
EPS: $0.33 diluted earnings per share
Result: reported results

Exact text from the filing

For the quarter ended March 31, 2023, RPC generated revenues of $476.7 million, a slight decrease compared to $482.0 million in the fourth quarter of 2022. Revenues were impacted by weather disruptions and a change in the job mix in pressure pumping, RPC’s largest service line. Operating profit for the first quarter of 2023 was $90.7 million compared to $112.3 million in the fourth quarter of 2022. Net income for the first quarter of 2023 was $71.5 million, or $0.33 diluted earnings per share, compared to net income of $87.0 million, or $0.40 diluted earnings per share, in the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-049883

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