RPC, Inc. (RES) reported fourth quarter earnings of $0.38 per share on $328.14 million in revenue this morning, topping Wall Street’s expectations. The oil and gas services company also raised its dividend by 50%, sending shares up by more than 5% in pre-market trading.
Analysts were expecting a profit of $0.35 per share on sales of $325.97 million, on average. RPC’s net income of $55.47 million reversed a loss of $5.2 million during the same period last year, while revenue increased by 115%. For the full year, RPC’s net income of $146.7 million more than recovered 2009′s loss of $22.4 million, while sales jumped 87%.
As a result of the strong quarter, RPC raised its quarterly dividend to $0.07 per share, a 50% improvement over last quarter’s (split-adjusted) payout of $0.0467 per share. Last year, RPC rewarded shareholders with two dividend hikes and a 3-for-2 stock split.
Shares of RES popped to $18.35 (+5.52%) in pre-market trading, where they now carry a 1.53% dividend yield.
RPC closed out 2010 ranked 62nd on my list of The 100 Best Values Among Dividend-Paying Stocks.