Precision Drilling reports first quarter profit, revenue up from year ago

CALGARY, A.B. – Precision Drilling Corp. says it earned a profit in its latest quarter compared with a loss a year ago as its revenue improved eight per cent.

The company says it earned $25 million or eight cents per diluted share for the quarter ended March 31.

That compared with a loss of $18.1 million or six cents per diluted share in the same quarter a year ago.

Revenue for the three-month period grew to $434 million, compared with $401 million.

Excluding sale of drilling assets in Mexico and restructuring charges, Precision Drilling says it earned $1 million or zero cents per diluted share in the quarter.

Analysts on average had expected a loss of five cents per share and revenue of $408.6 million for the quarter, according to Thomson Reuters Eikon.