Precision Drilling Corp. Turns To Profit In Q1

(RTTNews) - Precision Drilling Corp. (PD.TO, PDS) reported first quarter net earnings of C$96 million or C$5.57 per share compared with a net loss of C$44 million or a C$3.25 loss per share in the first quarter of 2022. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of C$4.20, for the quarter. Analysts' estimates typically exclude special items.

Revenue was C$559 million, an increase of 59% over the first quarter of 2022. Analysts on average had estimated C$526.43 million in revenue. The company said this was the result of increased North American drilling and service activity and day rates, partially offset by lower international activity.

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