Precision Drilling reports first-quarter loss but tops expectations

CALGARY – CALGARY, Alberta (AP) _ Precision Drilling Corp. (PDS) on Monday reported a first-quarter loss of $14.5 million, after reporting a profit in the same period a year earlier.

The Calgary, Alberta-based company said it had a loss of 5 cents per share. Losses, adjusted for non-recurring gains, came to 6 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.

The oilfield services company posted revenue of $219.9 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $238.1 million.

The company’s shares closed at $4.76. A year ago, they were trading at $6.92.


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Keywords: Precision Drilling, Earnings Report