Precision Drilling Posts Narrower-than-expected Q2 Loss On Higher Revenues

(RTTNews) - Precision Drilling Corp. (PDS, PD.TO) reported Wednesday that its second-quarter net loss was C$25 million or C$1.81 per share, compared with a net loss of C$76 million or C$5.71 per share in the prior year.

On average, four analysts polled by Thomson Reuters expected earnings of C$2.25 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA of C$64 million increased 122 percent from C$29 million the prior year quarter.

Revenue for the quarter was C$326.02 million, an increase of 62 percent from C$201.36 million. Analysts estimated revenues of C$292.07 million.

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