RPC falls after Q3 results miss estimates

RPC

25/10/2023 14:10

** Shares of oilfield services provider RPC Inc  RES.N 
slide 8.8% to $7.93 premarket 
    ** Stock set to hit its lowest level in two months if losses
hold 
    ** Co reports Q3 revenue of $330.4 mln, missing analysts'
estimates of $378.2 mln - LSEG data
    ** Posts Q3 adj. earnings of 8 cents/shr, below estimates of
24 cents/ shr
    ** Co says its quarterly revenue fell on declining consumer
activity in the pressure pumping business
    ** Average U.S. domestic rig count in Q3 was 649, down 14.7%
year-over-year
    ** Stock down 2.3% YTD, up to last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))