RPC(US:RES)2025-01-30 11:45Financial Performance - Revenues for Q4 2024 were $335.4 million, a decrease of 1% sequentially, and down 13% year-over-year to $1.4 billion[8][11] - Net income for Q4 2024 was $12.8 million, down 32% sequentially, with diluted EPS of $0.06 and a net income margin of 3.8%[8][14] - Adjusted EBITDA for Q4 2024 was $46.1 million, down 17% sequentially, with an adjusted EBITDA margin of 13.7%[8][15] - Revenues for Q4 2024 were $335,361 thousand, a decrease of 15% compared to $394,531 thousand in Q4 2023[29] - Operating income for Q4 2024 was $10,517 thousand, down from $97,538 thousand in Q4 2023, representing a decline of 89%[29] - Net income for the year ended December 31, 2024, was $91,444 thousand, a decrease of 53% from $195,113 thousand in 2023[31] - Adjusted net income for the year ended December 31, 2024, was $91,444 thousand, compared to $209,029 thousand in 2023, indicating a decline of 56%[37] - Basic earnings per share for Q4 2024 were $0.06, down from $0.19 in Q4 2023[29] - Net income for Q4 2024 was $12,762,000, a decrease of 32.5% from $18,796,000 in Q3 2024 and a decrease of 68.3% from $40,259,000 in Q4 2023[38] - Adjusted EBITDA for Q4 2024 was $46,071,000, down 16.6% from $55,243,000 in Q3 2024 and down 42.0% from $79,459,000 in Q4 2023[38] - Revenues for Q4 2024 were $335,361,000, a slight decrease of 0.4% from $337,652,000 in Q3 2024 and a decrease of 15.0% from $394,531,000 in Q4 2023[38] - Net income margin for Q4 2024 was 3.8%, down from 5.6% in Q3 2024 and down from 10.2% in Q4 2023[38] - Adjusted EBITDA margin for Q4 2024 was 13.7%, down from 16.4% in Q3 2024 and down from 20.1% in Q4 2023[38] - Net cash provided by operating activities for the year ended December 31, 2024, was $349,386,000, a decrease of 11.5% from $394,763,000 in 2023[39] - Free cash flow for the year ended December 31, 2024, was $129,456,000, a decrease of 39.4% from $213,758,000 in 2023[39] Capital Expenditures and Investments - The company plans to invest between $150 million to $200 million in capital spending in 2025, focusing on innovation and new product development[9][27] - Capital expenditures for the year were $219,930 thousand, an increase from $181,005 thousand in 2023[31] - Capital expenditures for the year ended December 31, 2024, were $219,930,000, an increase of 21.5% from $181,005,000 in 2023[39] Cash and Debt Position - RPC remains debt-free with over $300 million in cash at year-end 2024, allowing for funding of organic investments and potential acquisitions[9][27] - Cash and cash equivalents increased to $325,975 thousand at the end of 2024, up from $223,310 thousand at the end of 2023[30] - Total assets rose to $1,386,489 thousand in 2024, compared to $1,286,845 thousand in 2023, reflecting a growth of 7.8%[30] - Total liabilities increased to $308,198 thousand in 2024, compared to $264,332 thousand in 2023, marking a rise of 16.6%[30] - The company reported a net cash provided by operating activities of $349,386 thousand for the year, down from $394,763 thousand in 2023[31] Market Conditions - The average U.S. rig count remained unchanged at 586 in Q4 2024, down 5.8% from 622 in Q4 2023[10] - Oil prices averaged $70.59 per barrel in Q4 2024, a decrease of 7.8% sequentially and down 10.1% year-over-year[10] Shareholder Actions - The company repurchased $9.9 million of common stock in 2024, including $7.5 million under its buyback program[8][19] Product Development - Pressure pumping revenues increased by 3% sequentially, driven by improved asset utilization, while other service lines experienced seasonal softness[11][12] - New product launches in downhole tools are expected to contribute more significantly in 2025 following early positive results in 2024[7][27]