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%.