The following is a summary of the RPC, Inc. (RES) Q1 2024 Earnings Call Transcript:
Financial Performance:
RPC, Inc.'s Q1 2024 revenues decreased by 4% to $378 million.
Technical Services and Support Services revenues decreased by 4% and 9% respectively.
Adjusted EBITDA was $63.1 million, down from $79.5 million.
Operating cash flow was $56.6 million and after CapEx of $52.8 million, free cash flow was $3.8 million. The company maintains its CapEx guidance range of $200 million to $250 million for 2024.
The company repurchased approximately $10 million of shares and paid $8.6 million in dividends, returning more than $16 million of capital to shareholders.
RPC maintains a debt-free balance sheet with a cash position of $212 million at quarter-end.
Business Progress:
Activity level and pressure pumping was down modestly compared to the fourth quarter of 2023.
RPC's total revenues declined about 4% with pressure pumping down 5% and other service lines in aggregate down 3%.
The company looks to bring new Tier 4 dual fuel fleet into service by mid-year.
RPC Inc. continues to explore acquisition targets to increase scale and bolster service lines, and plans to continue investing in fleet upgrades.
The company plans for strategic investments throughout the year to enhance business performance and is cautiously observing electric technology market before making any significant commitments.
More details: RPC Inc IR
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