RPC Q3 2023 revenue $330.4M, net income $18.3M; EPS $0.08 vs $0.30 in Q2

RPC INC

2023-Q3 EPS reported $0.71 revenue$1,222,943,000

Revenue $330.4M, down 21% sequentially from Q2 $415.9M; net income $18.3M ($0.08 diluted EPS) vs $65.0M ($0.30).
Adjusted operating profit $22.7M vs $83.3M in Q2; adjusted EBITDA $51.9M vs $110.1M.
Pressure pumping business weaker than expected; Spinnaker cementing acquisition contributed positively in its first full quarter.
CEO cites pricing discipline and service readiness; expects busier Q4 with acceptable terms.

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 0.95

RPC INC reported third quarter ended September 30, 2023 results: revenue 330.4 million, net income 18.3 million, EPS 0.08.

Period: third quarter ended September 30, 2023
Revenue: 330.4 million
Net income: 18.3 million
EPS: 0.08
Result: reported results

Exact text from the filing

business positively contributed to our financial results,” concluded Palmer. Consolidated Financial Results For the quarter ended September 30, 2023, RPC generated revenues of $330.4 million, a decrease compared to $415.9 million in the second quarter. Revenues fell primarily due to declines in RPC’s pressure pumping business due to lower customer activity,

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Source: SEC EDGAR

accession 0001104659-23-111232

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