RPC Reports Q1 Revenue of $454.76M, Beating Expectations
Reports Q1 revenue $454.76M, consensus $406.68M. "During the first quarter we experienced modest revenue increases despite weather impacts to start the year. Our Technical Services segment revenues increased 7% sequentially. Within Technical Services, Cudd Energy Services' pressure pumping saw the largest percentage increase at 20% followed by Cudd Pressure Control's nitrogen service line which increased 13%. Thru Tubing Solutions' downhole tools increased 11% driven by higher activity supported by new technologies. Our Support Services segment revenues were flat sequentially, as the first quarter typically sees the biggest weather impact," stated Ben Palmer, RPC's President and Chief Executive Officer.
