RPC, Inc., (RES), a provider of oilfield services and equipment for oil and gas companies, Wednesday reported a decline in earnings for the first quarter, reflecting lower sales due to competitive pricing and lower activity levels in many of their service lines. Earnings also missed analysts' estimates.
The company reported net income of $35.1 million or $0.16 per share for the three-month period, compared with $80.8 million or $0.37 per share during the corresponding quarter last year.
Thirteen analysts' on average, surveyed by Thomson Reuters expected the company to report earnings of $0.25 for the first quarter. Analyst estimates typically exclude one-time items.
The firm reported revenues of $425.8 million, a 15.3 percent decline compared to $502.6 million last year quarter. The Street expected the company to report $472.3 million for the quarter.
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