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Alexey Zakirov/iStock by way of Getty Pictures
RPC Inc. (NYSE:RES) +8.3% pre-market Wednesday after the oilfield providers and tools firm reported Q3 adjusted earnings and revenues that comfortably beat expectations, and stated it expects continued sturdy demand into 2023.
Q3 internet earnings elevated 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) stated Q3 revenues greater than doubled from a yr in the past to $234.3M, citing improved pricing, larger buyer exercise ranges and a bigger energetic fleet of revenue-producing tools.
Q3 price of revenues rose to $309.8M from $170.6M within the year-earlier quarter, reflecting improved pricing, larger buyer exercise ranges and a bigger energetic fleet of revenue-producing tools, however the outcome as a share of revenues fell to 67.4% from 75.7% a yr in the past.
“Though a seasonal slowdown in the course of the fourth quarter is feasible, our visibility into early 2023 signifies continued sturdy demand for our providers,” President and CEO Ben Palmer stated.
RPC Inc.’s (RES) inventory worth return reveals an 84% YTD achieve and a 63% enhance in the course of the previous yr.
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