RPC, Inc. (NYSE:RES) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET

Company Participants

Ben Palmer - Director, President and Chief Executive Officer
Michael Schmit - Vice President, Chief Financial Officer, Treasurer and Corporate Secretary

Conference Call Participants

Stephen Gengaro - Stifel
John Daniel - Daniel Energy Partners
Charles Minervino - Susquehanna

Operator

Good morning, and thank you for joining us for RPC, Inc. Second Quarter 2024 Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer.

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If you like to advise everyone that this conference is being recorded.

I'll now turn the call over to Mr. Schmit.

Michael Schmit

Thank you, and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today along with our 2023 10-K and other public filings that outline those risks, all of which can be found on RPC's website at rpc.net.

In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release issued today and our website contained reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

I will now turn the call over to our President and CEO, Ben Palmer.

Ben Palmer

Thanks, Mike, and thank you for joining our call. This morning, we reported second quarter results that reflected resilient performance across many of our service lines, while pressure pumping results remains challenged. Though we understand that pressure pumping is our largest service line and sometimes used as the barometer for the health of our business, we want to underscore the diversity of our operations and customer base.

Our non-pressure pumping areas performed solidly in the quarter, balancing out our results. Due to sequential growth in many service lines, our overall sales were only down modestly with EBITDA growing sequentially. We are not satisfied with these results and will continue to push further on efficiencies and cost controls, but we're certainly encouraged by profit growth in a difficult environment.