Precision Drilling Earnings: Here’s Why the Stock is Rising Now
Precision Drilling Corporation (NYSE:PDS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.79%.
Precision Drilling Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 15.38% to $0.33 in the quarter versus EPS of $0.39 in the year-earlier quarter.
Revenue: Decreased 7.02% to $596 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Precision Drilling Corporation reported adjusted EPS income of $0.33 per share. By that measure, the company beat the mean analyst estimate of $0.3. It beat the average revenue estimate of $591.31 million.
Quoting Management: “I am pleased with Precision’s strong financial performance during the first quarter despite subdued North American industry activity levels that continue to disappoint many in the industry. Our success is a direct result of the investment in upwards of 70 Tier 1 rigs over the past few years”, said Kevin Neveu, President and Chief Executive Officer of Precision Drilling.
Key Stats (on next page)…