RPC Inc (NYSE: RES) reported Q4 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $148.6 million versus the consensus estimate of $120.79 million.

• For the quarter ended December 31, 2020, revenues were $148.6 million, a decrease of 37.0 percent compared to $236.0 million in the fourth quarter of 2019.
• Operating loss for the fourth quarter of 2020 was $21.6 million compared to an operating loss of $27.9 million in the same period of the prior year.
• Adjusted operating loss for the fourth quarter of 2020 was $11.3 million compared to an adjusted operating loss of $17.3 million in the same period of the prior year.1
• Net loss for the fourth quarter of 2020 was $10.2 million, or $0.05 loss per share, compared to a net loss of $23.4 million, or $0.11 loss per share, in the fourth quarter of 2019.
• Adjusted net loss for the fourth quarter of 2020 was $6.8 million, or $0.03 adjusted loss per share, compared to an adjusted net loss of $13.9 million, or $0.07 adjusted loss per share, in the fourth quarter of 2019.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2020 was negative $2.5 million, compared to EBITDA of $12.6 million in the same period of the prior year.
• Adjusted EBITDA for the fourth quarter of 2020 was $7.8 million compared to adjusted EBITDA of $23.2 million in the same period of the prior year.

Management Commentary

"Our fourth quarter activity levels improved sequentially for the first time since 2016, consistent with several key oilfield metrics," stated Richard A. Hubbell, RPC's President and Chief Executive Officer. "The holiday slowdown this year was less pronounced as customers emphasized completing drilled but uncompleted wells before the end of the year.

"As 2021 begins, we have greater visibility into near term activity levels than in the recent past and expect activity levels to continue to improve as the year progresses. Yet, we remain cautious with respect to capital expenditures until financial returns improve. Our operating plans for 2021 include low capital spending, continued expense management, and improved profitability. We finished the year with $84.5 million in cash, an increase of $34.5 million compared to $50.0 million at the end of the prior year," concluded Hubbell.

For earnings history and earnings-related data on RPC Inc (RES) click here.