RPC, Inc. reports Q4 EPS 19c, consensus 18c

Reports Q4 revenue $394.53M, consensus $370.73M. “We closed out 2023 with a strong sequential improvement in fourth quarter financial results,” stated Ben Palmer, RPC’s president and CEO. “As anticipated, the fourth quarter began with a solid increase in pressure pumping activity. However, as oil prices fell toward the end of the year, customer demand followed suit and we experienced a more significant holiday season slowdown than originally expected. Looking forward, we have a new Tier 4 dual-fuel fleet on order and anticipate placing it in service by the end of the second quarter of 2024, replacing a Tier 2 diesel fleet as we upgrade our asset base without adding to pressure pumping industry capacity.