secwatch.observer — SEC 8-K summary
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Issuer:     RPC INC (RES)
CIK:        0000742278
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001558370-24-005675
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/742278/000155837024005675/0001558370-24-005675-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/742278/000155837024005675/res-20240425x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-005675

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