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RPC down 6% on Q1 results miss

Published 04/25/2018, 01:20 PM
© Reuters.  RPC down 6% on Q1 results miss
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  • RPC (RES -6.2%) Q1 revenues increased 46.4% Y/Y to $436.33M due to improved pricing of services, higher activity levels and activation of idle revenue-producing equipment.
  • Segment revenues: Technical services +46.4% Y/Y to $419.06M and support services +44.9% Y/Y to $17.27M.
  • Q1 overall operating margin improved 1,341 bps to 13.9%. Segment operating margins: Technical services improved by 1,230 bps to 15.5% and support services recovered by 3,856 bps to -5.24%.
  • Q1 Average price of natural gas was $3.16 per Mcf (+4.6% Y/Y)
  • Q1 Average price of oil was $62.92 per barrel (+21.7% Y/Y)
  • FY2018 outlook: Effective tax rate ~24%.
  • Previously: RPC misses by $0.04, misses on revenue (April 25)


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