RPC Posts Wider Than Expected Loss In Q4; Revenues Down, But Beats View

(RTTNews) - RPC Inc. (RES), an oilfield services holding company, reported Wednesday a net loss for the fourth quarter of $37.88 million or $0.18 loss per share, compared to net income of $77.64 million or $0.36 earnings per share last year.

On average, 20 analysts polled by Thomson Reuters expected loss of $0.17 per share. Analysts' estimates typically exclude special items.

Earnings before interest, taxes, depreciation and amortization or EBITDA decreased to $9.0 million from $187.0 million in the prior year.

For the quarter, revenues decreased 57.6 percent to $268.09 million from $632.21 million in the fourth quarter of last year. Revenues decreased due to lower activity levels and pricing for services. Analysts expected revenues of $257.80 million.

Operating loss for the quarter was $57.4 million compared to operating profit of $125.6 million in the prior year.