RPC, Inc. reports Q3 adjusted EPS 8c, consensus 24c

Reports Q3 revenue $330.42M, consensus $378.17M. “RPC’s third quarter 2023 operating results for the majority of our service lines were relatively stable sequentially except for the even weaker than expected decline in pressure pumping,” stated Ben M. Palmer, RPC’s president and CEO. “We believed this pressure pumping weakness would prove temporary and made the decision to maintain our pricing discipline and service readiness. This decision resulted in carrying costs during the quarter in anticipation of a busy fourth quarter calendar working at acceptable terms. A highlight for the quarter was the recently acquired Spinnaker cementing business. The integration has proceeded smoothly and the business positively contributed to our financial results,” concluded Palmer.