ATLANTA (AP) _ RPC Inc. (RES) on Wednesday reported a fourth-quarter loss of $23.4 million, after reporting a profit in the same period a year earlier.
The Atlanta-based company said it had a loss of 11 cents per share. Losses, adjusted for asset impairment costs and pretax expenses, came to 7 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The oil and gas services company posted revenue of $236 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $242.3 million.
For the year, the company reported a loss of $87.1 million, or 41 cents per share, swinging to a loss in the period. Revenue was reported as $1.22 billion.
The company's shares closed at $4.60. A year ago, they were trading at $10.86.