BUZZ-RPC: erases early gains after results

** RPC (NYSE: RES - news) falls as much as 7.3 pct in volatile trading after reporting FY results

** Stock opened up 4 pct, with analysts pointing to adjusted earnings beating expectations, but quickly erased gains

** Stock has been in the spotlight over its use of M&A to grow

** Adjusted net income taking into account one off costs still well above underlying net income. Chart: http://reut.rs/2r57svk

** Investors have been concerned that M&A is "concealing poor underlying operating performance, with 'exceptional' acquisition costs a regular feature of results," said Nicholas Hyett, an analyst at Hargreaves Lansdown (Frankfurt: DMB.F - news)

** "The group has tried to address these concerns with increased disclosure in these results but has clearly failed to satisfy the market," he said

** Company's M&A activity a dominant theme of Wednesday's analyst call following results

** RPC CEO Pim Vervaat told Reuters before the call there was still "an enormous amount of opportunity" to do more M&A

** "There's some runway for us to do bolt-on acquisitions," he said. "Our focus is on furthering our strategy with good quality opportunities and should there be a larger acquisition we need to take into account what the repercussions are"

** Stock settles to trade down 3 pct, still among top fallers and most traded on Stoxx 600