RPC Inc (NYSE: RES) saw its stock price plummet 5.20% in pre-market trading on Thursday following the release of its second-quarter financial results, which fell short of analyst expectations. The oilfield services provider reported disappointing earnings and revenue figures, highlighting ongoing challenges in the industry.
The company's Q2 adjusted earnings per share came in at $0.08, missing the analyst consensus estimate of $0.09 by 13.04%. This represents a significant 46.67% decrease from the $0.15 per share reported in the same period last year. Revenue for the quarter stood at $420.809 million, slightly below the analyst estimate of $421.075 million, despite showing a 15.56% increase from the previous year's $364.153 million.
RPC Inc attributed the underwhelming results primarily to weakness in its pressure pumping service line, citing reduced activity levels and pricing pressure. The company also noted that the broader oilfield services market remains challenged by lower commodity prices and macroeconomic uncertainties. Despite these headwinds, RPC's acquisition of Pintail Completions contributed $98.9 million to Q2 revenue, helping to boost wireline revenues and expand the company's customer base. Looking ahead, RPC management emphasized their focus on full-cycle returns as they navigate the challenging market conditions.
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