Precision Drilling reports 4th-quarter loss but tops expectations

CALGARY – CALGARY, Alberta (AP) _ Precision Drilling Corp. (PDS) on Thursday reported a loss of $203 million in its fourth quarter.

On a per-share basis, the Calgary, Alberta-based company said it had a loss of 69 cents. Losses, adjusted for asset impairment costs, came to 4 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.

The oilfield services company posted revenue of $258.4 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $282.7 million.

For the year, the company reported a loss of $272.3 million, or 93 cents per share, swinging to a loss in the period. Revenue was reported as $1.17 billion.

The company’s shares closed at $2.73. A year ago, they were trading at $5.73.


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Keywords: Precision Drilling, Earnings Report