RPC Inc. (NYSE: RES), a leading oilfield services company, reported underwhelming third-quarter 2024 financial results, missing analysts' estimates for both earnings and revenue. The company's stock plummeted over 5% in early trading on the disappointing results.

For the quarter ended September 30, 2024, RPC reported earnings per share of $0.09, significantly lower than the consensus estimate of $0.13. Revenue came in at $337.7 million, missing expectations of $369.8 million and representing a modest 2.2% year-over-year increase.

The company attributed the lackluster performance primarily to lower utilization and pricing in its core pressure pumping business. Despite stable revenues in other service lines, the pressure pumping segment, which accounts for a significant portion of RPC's revenue, faced intense competition and softness in the spot market.

RPC's CEO, Ben M. Palmer, acknowledged the challenging market conditions, stating, "The third quarter saw sequentially lower revenues and profits in a challenging oilfield services market. Oil prices and rig count were each sequentially lower in the quarter, adding headwinds to an already competitive marketplace."

However, the company maintained a strong financial position, remaining debt-free and ending the quarter with $277 million in cash. RPC also paid $8.6 million in dividends to shareholders during the third quarter.