RPC Q2 Earnings Outpace Estimates, Revenues Lag
RPC Inc. (NYSE: RES) reported second-quarter 2024 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 13 cents. The bottom line declined from the year-ago quarter’s figure of 30 cents.
Total quarterly revenues were $364.2 million, down from the year-ago quarter’s $415.9 million. The top line also missed the Zacks Consensus Estimate of $386 million.
The better-than-expected quarterly earnings were driven by margin improvement across various key service lines and lower cost of revenues. However, the positives were partially offset by lower activity levels in pressure pumping.
RPC, Inc. Price, Consensus and EPS Surprise
RPC, Inc. price-consensus-eps-surprise-chart | RPC, Inc. Quote
Segmental Performance
Operating profit in the Technical Services segment totaled $30.2 million, lower than the year-ago quarter’s $77 million. The results were primarily influenced by decreased activity levels in pressure pumping, leading to negative impacts on fixed costs, especially labor, due to reduced leverage.
Operating profit …
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