RES - RPC on the rise after strong Q3 results upbeat demand outlook

RPC Inc. ( NYSE: RES ) +8.3% pre-market Wednesday after the oilfield services and equipment company reported Q3 adjusted earnings and revenues that comfortably beat expectations, and said it expects continued strong demand into 2023.

Q3 net income increased to $69.3M, or $0.32/share, from $46.9M, or $0.22/share, in Q2, and EBITDA jumped to $113M from $80.6M in Q2.

RPC ( RES ) said Q3 revenues more than doubled from a year ago to $234.3M, citing improved pricing, higher customer activity levels and a larger active fleet of revenue-producing equipment.

Q3 cost of revenues rose to $309.8M from $170.6M in the year-earlier quarter, reflecting improved pricing, higher customer activity levels and a larger active fleet of revenue-producing equipment, but the result as a percentage of revenues fell to 67.4% from 75.7% a year ago.

"Although a seasonal slowdown during the fourth quarter is possible, our visibility into early 2023 indicates continued strong demand for our services," President and CEO Ben Palmer said.

RPC Inc.'s ( RES ) stock price return shows an 84% YTD gain and a 63% increase during the past year .

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