RPC, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditures Guidance for the Year 2018
January 24, 2018 at 05:15 pm IST
Share
RPC, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported revenues of $427,299,000 against $220,997,000 a year ago. Operating profit was $60,284,000 against operating loss of $32,216,000 a year ago. Profit before income taxes was $63,391,000 against $32,638,000 a year ago. Net income was $57,703,000 or $0.27 per basic and diluted share against net loss of $21,107,000 or $0.10 per basic and diluted share a year ago. EBITDA was $101,053,000 against $15,673,000 a year ago. Revenues increased compared to the prior year due to higher activity levels and improved pricing for services, higher service intensity, and activation of previously idled revenue-producing equipment. Excluding the impact of Tax Reform, net income for the fourth quarter of 2017 was $38.4 million or $0.18 diluted earnings per share, compared to a net loss of $21.1 million or $0.10 loss per share last year. Fourth quarter 2017 capital expenditures were $42.5 million. RPC's sequential EBITDA decreased from $137.5 million in the prior quarter to $101.1 million in the fourth quarter.
For the year, the company reported revenues of $1,595,227,000 against $728,974,000 a year ago. Operating income was $162,511,000 against operating loss of $238,942,000 a year ago. Profit before income taxes was $232,816,000 against loss before income tax of $238,942,000 a year ago. Net income was $162,511,000 or $0.75 per basic and diluted share against net loss of $141,246,000 or $0.66 per basic and diluted share a year ago. EBITDA was $395,285,000 against LBITDA of $21,888,000 a year ago. Net Income excluding the impact of Tax Reform was $143.2 million, or $0.66 diluted earnings per share, compared to net loss of $141.2 million, or $0.66 loss per share last year. 2017 CapEx was $117.5 million.
For the full year of 2018, the company expected capital expenditures to be approximately $265 million, which will be directed towards both maintenance of equipment and new revenue-producing equipment. Annual effective tax rate in 2018 will be in the range of 20% to 25%.
RPC, Inc. acts as a holding company for several oilfield services companies that include Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services. It provides a range of oilfield services and equipment primarily to independent and oil and gas companies, which is engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. Its segments include Technical Services and Support Services. Technical Services segment includes pressure pumping, downhole tools services, coiled tubing, snubbing and other oilfield related services. Support Services segment includes renting tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. It is also engaged in oilfield cementing services in the Permian and Mid-Continent basins.
RPC, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditures Guidance for the Year 2018