RPC Q3 Profit Misses Estimates; Declares Special Year-end Dividend

(RTTNews) - RPC, Inc. (RES) reported third-quarter net income of $57.3 million, or $0.26 per share compared to a loss of $38.9 million or $0.18 per share, a year ago. The company noted that its third-quarter earnings per share were negatively impacted by approximately $0.02 due to tax provision adjustments. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.29, for the quarter. Analysts' estimates typically exclude special items.

Third-quarter revenues were $471.0 million compared to 175.9 million, previous year. Analysts expected revenue of $474.36 million, for the quarter. Revenues increased by 167.8 percent compared to the prior year due to higher activity levels and pricing for services, higher service intensity, and continued activation of previously idled revenue-producing equipment.

RPC, Inc. announced that its Board has declared a regular quarterly cash dividend of $0.07 per share. Additionally, the Board declared a special year-end dividend of $0.07 per share. Both dividends are payable December 11, 2017 to common stockholders of record at the close of business on November 10, 2017.