RPC, Inc. reports Q3 adjusted EPS 9c, consensus 12c

Reports Q3 revenue $337.65M, consensus $369.76M. “The third quarter saw sequentially lower revenues and profits in a challenging oilfield services market,” stated Ben Palmer, RPC’s president and CEO. “Oil prices and rig count were each sequentially lower in the quarter, adding headwinds to an already competitive marketplace. Similar to the second quarter, our non-pressure pumping service line revenues were generally more resilient, posting a moderate 4% decline in aggregate, while pressure pumping revenues were down low double-digits. In this lackluster environment, spot market pumping customers contributed to whitespace on our calendar with industry consolidation putting pressure on our business, while our broader service lines and more diversified, larger customers have been more steady. Our tier 4 dual fuel assets remain highly utilized with good visibility, while older equipment utilization and demand has been soft. We will continue to take measured cost actions to preserve margins until industry conditions improve.”