Precision Drilling Q2 Profit Falls - Quick Facts

(RTTNews) - Precision Drilling Corporation (PD.TO, PDS) Thursday reported net earnings of C$0.5 million for the second quarter, compared with C$18 million during the same quarter last year. On a per share basis, the company reported breakeven earnings for the quarter, compared with C$0.06 last year.

On average, eleven analysts polled by Thomson Reuters expected loss per share of C$0.02 for the quarter. Analysts' estimates typically exclude one-time items.

For the three-month period, the company generated revenues of C$379 million, a 1 percent decrease from prior year's C$381 million. Analysts expected the company to report revenues of C$351.8 million. The company added that the decrease in revenues were mainly due to the lower North American activity, partially offset by higher average dayrates and increased international and directional drilling activity.

Precision Drilling further declared a third-quarter dividend of C$0.05 per share, payable on August 15 to shareholders of record on August 6.