(Calgary) Precision Drilling on Thursday reported third-quarter profit of $19.8 million, down 35% from $30.7 million in the year-earlier period, even as revenue rose.
The oil services company’s earnings per share were $1.45 in the quarter ended Sept. 30, compared with $2.03 in the third quarter last year.
Quarterly revenue was $446.8 million, up from $429.3 million a year ago.
Precision Drilling attributed the 4.1% year-over-year revenue growth to higher drilling and services revenue, partially offset by lower activity.
The number of days spent on precision drilling equipment in Canada fell 2.7% year over year in the most recent quarter, while the decline in the United States was 27.8%. Precision drill days in other countries increased 0.4% year-over-year.
The company added that operating hours for its service equipment fell 10.4% year-over-year in the quarter.
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