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RPC Inc. Message Board

  • mkyhhd mkyhhd Apr 25, 2012 8:09 AM Flag

    profit beats estimates on higher oil drilling

    RPC profit beats estimates on higher oil drilling
    8:01am EDT
    April 25 (Reuters) - RPC Inc's quarterly profit beat analysts' estimates on higher oil-directed drilling, but the oilfield services and equipment provider continued to flag concerns over declining gas-focused drilling.
    Oilfield services providers continue to benefit from the strong demand for oil as more drillers shift focus from natural gas to liquids-rich basins.
    "The decline in natural gas drilling activity and natural gas prices continues to impact RPC's overall activity levels and pricing for many of our services," the company said in a statement.
    January-March net income was $80.8 million, or 37 cents per share, compared with $65.5 million, or 30 cents per share, a year ago.
    Revenue rose 31.6 percent to $502.6 million.
    Analysts, on an average, were expecting a profit of 34 cents per share on revenue of $504.7 million, according to Thomson Reuters I/B/E/S.
    Shares of the Atlanta, Georgia-based company closed at $9.34 on Tuesday on the New York Stock Exchange.
    © Thomson Reuters 2011. All rights reserved

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