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RPC posts Q3 net loss as revenue drops

RPC Inc. on Oct. 23 reported an adjusted net loss of $18.0 million, or a loss of 8 cents per share, for the third quarter, down from an adjusted net income of $50.0 million, or 23 cents per share, a year ago.

On a GAAP basis, net loss was $69.2 million for the quarter, slipping from a net income of $50.0 million in the prior-year period.

Revenues totaled $293.2 million during the quarter, dropping from $440.0 million a year earlier.

The oilfield services company attributed the revenue decrease to lower activity levels and lower pricing within most of its service lines.

For the third quarter, operating loss amounted to $92.6 million, decreasing from an operating profit of $54.6 million in the prior-year period.

Adjusted EBITDA for the quarter totaled $22.8 million, down from $97.8 million.

Revenues for the nine months ended Sept. 30 reached $986.4 million, compared with $1.34 billion a year earlier.