RPC Q1 2024 revenue $377.8M, net income $27.5M, down 32% sequentially; declares $0.04 dividend

RPC INC

2024-Q1 EPS reported $0.13 revenue$377,833,000

Revenue of $377.8M decreased 4% sequentially; net income $27.5M (diluted EPS $0.13) down 32% sequentially.
Adjusted EBITDA $63.1M, margin 16.7%, down 340 bps sequentially; cost pressures and competitive pricing cited.
Technical Services revenue $356.4M (-4% seq), operating income $32.0M (-31% seq); Support Services revenue $21.4M (-9% seq), op income $3.6M (-29% seq).
Cash $212.2M, debt-free; paid $8.6M dividends, repurchased $9.9M stock in Q1; new $0.04/share dividend declared payable June 10.
Management optimistic that if oil prices hold, customer activity could increase in H2 2024; new Tier 4 dual-fuel fleet on track for mid-2024.

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 the first quarter ended March 31, 2024 results: revenue $377.8 million, net income $27.5 million, EPS $0.13.

Period: the first quarter ended March 31, 2024
Revenue: $377.8 million
Net income: $27.5 million
EPS: $0.13
Result: reported results

Exact text from the filing

and year-over-year comparisons are available in the tables at the end of this earnings release. First Quarter 2024 Highlights ● Revenues decreased 4% sequentially to $377.8 million ● Net income was $27.5 million, down 32% sequentially, and diluted Earnings Per Share (EPS) was $0.13; net income margin decreased 290 basis points sequentially to 7.3% ●

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Source: SEC EDGAR

accession 0001558370-24-005675

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