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Precision Drilling experiences Q3 revenue, income up 69 per cent from yr in the past

Creator of the article:

The Canadian Press

CALGARY — Precision Drilling Corp. reported a third-quarter revenue of $30.7 million in contrast with a lack of $38 million a yr in the past as its income gained 69 per cent.

The corporate says the revenue amounted to $2.03 per diluted share for the quarter ended Sept. 30, in contrast with a lack of $2.86 per diluted share in the identical quarter final yr.

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Income totalled $429.3 million, up from $253.8 million a yr in the past.

Precision Drilling says North American drilling exercise was up by 27 per cent in contrast with the third quarter of 2021, whereas common day charges in Canada and the U.S. additionally rose.

At present commodity ranges, the corporate says it anticipates greater demand for its companies and improved fleet utilization as clients search to keep up manufacturing ranges and replenish inventories.

Nonetheless, Precision Drilling famous in its outlook that broad financial issues exist with respect to recession danger, rising rates of interest and geopolitical instability.

This report by The Canadian Press was first revealed Oct. 27, 2022.

Corporations on this story: (TSX:PD)

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