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RPC (RES) Down 3.3% Since Last Earnings Report: Can It Rebound?
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A month has gone by since the last earnings report for RPC (RES - Free Report) . Shares have lost about 3.3% in that time frame, outperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is RPC due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
RPC Reports Strong Q2 Earnings and Revenues Estimates
RPC posted second-quarter adjusted earnings of 30 cents per share, which increased from the year-ago quarter’s 22 cents.
Total quarterly revenues of $416 million also improved from the year-ago figure of $375.5 million.
Strong quarterly earnings were primarily driven by rising activity levels in all service lines.
Segmental Performance
Operating profit in the Technical Services segment totaled $77 million, higher than the year-ago quarter’s profit of $59.8 million. The upside was caused by increased customer activities, along with higher pricing and a larger active fleet of revenue-producing equipment.
Operating profit in the Support Services segment was $7.9 million, higher than the year-ago quarter’s profit of $3.3 million. The rise resulted from increased activities and improved pricing.
Total operating profit in the quarter was $82.4 million, skyrocketing from the $60.4 million reported in the year-ago quarter. The average domestic rig count was 719, unchanged from the year-ago level. The average oil price in the quarter was $73.54 per barrel. The same for natural gas was $2.16 per thousand cubic feet.
Costs and Expenses
In second-quarter 2023, the cost of revenues increased from $260.9 million to $265.8 million. Selling, general and administrative expenses increased to $43.6 million from the year-ago figure of $35.9 million.
Financials
RPC’s total capital expenditure for the June-end quarter of 2023 amounted to $39.2 million.
As of Jun 30, RPC had cash and cash equivalents of $100.5 million, down sequentially from $177.9 million. Nonetheless, the company managed to maintain a debt-free balance sheet.
Outlook
For 2023, the company lowered its capital expenditure guidance to $200-$250 million from the prior mentioned $250-$300 million. The metric also indicates an increase from the $140 million reported in 2022.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
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RPC (RES) Down 3.3% Since Last Earnings Report: Can It Rebound?
A month has gone by since the last earnings report for RPC (RES - Free Report) . Shares have lost about 3.3% in that time frame, outperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is RPC due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
RPC Reports Strong Q2 Earnings and Revenues Estimates
RPC posted second-quarter adjusted earnings of 30 cents per share, which increased from the year-ago quarter’s 22 cents.
Total quarterly revenues of $416 million also improved from the year-ago figure of $375.5 million.
Strong quarterly earnings were primarily driven by rising activity levels in all service lines.
Segmental Performance
Operating profit in the Technical Services segment totaled $77 million, higher than the year-ago quarter’s profit of $59.8 million. The upside was caused by increased customer activities, along with higher pricing and a larger active fleet of revenue-producing equipment.
Operating profit in the Support Services segment was $7.9 million, higher than the year-ago quarter’s profit of $3.3 million. The rise resulted from increased activities and improved pricing.
Total operating profit in the quarter was $82.4 million, skyrocketing from the $60.4 million reported in the year-ago quarter. The average domestic rig count was 719, unchanged from the year-ago level. The average oil price in the quarter was $73.54 per barrel. The same for natural gas was $2.16 per thousand cubic feet.
Costs and Expenses
In second-quarter 2023, the cost of revenues increased from $260.9 million to $265.8 million. Selling, general and administrative expenses increased to $43.6 million from the year-ago figure of $35.9 million.
Financials
RPC’s total capital expenditure for the June-end quarter of 2023 amounted to $39.2 million.
As of Jun 30, RPC had cash and cash equivalents of $100.5 million, down sequentially from $177.9 million. Nonetheless, the company managed to maintain a debt-free balance sheet.
Outlook
For 2023, the company lowered its capital expenditure guidance to $200-$250 million from the prior mentioned $250-$300 million. The metric also indicates an increase from the $140 million reported in 2022.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.