RPC Q2 2024 net income up 18% sequentially to $32.4M, revenue down 4% to $364.2M

RPC INC

2024-Q2 EPS reported $0.28 revenue$741,986,000

Revenue $364.2M (-4% seq), net income $32.4M (+18% seq), diluted EPS $0.15, net income margin 8.9%.
Adjusted EBITDA $68.5M (+9% seq), margin 18.8% (+210 bps); cost controls offset revenue decline.
Pressure pumping revenue fell 17% sequentially; other service lines up 8%, led by downhole tools and coiled tubing.
Cash $261.5M, no debt; declared $0.04/share dividend payable Sept 10, 2024 to holders of record Aug 9.
YTD free cash flow $56.7M; received $52.8M IRS tax refund in Q2.

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