Precision Drilling Q3 Profit Rises, Beats Estimates - Quick Facts

(RTTNews) - Precision Drilling Corp. (PD.TO, PDS) Monday reported higher profit for the third quarter, as revenue grew 20 percent year-on-year. Earnings beat analysts' estimates.

The company's net income rose to C$53 million or C$0.18 per share from C$29 million or C$0.10 per share a year ago. On average, 13 analysts polled by Thomson Reuters expected C$0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue improved to C$585 million from C$488.5 million, mainly due to higher pricing and drilling activity in the U.S., Canada and internationally. Analysts expected revenues of C$585.81 million.

In addition, the board proposed a dividend of C$0.07 per common share, representing a 17 percent increase over the prior quarter, payable on November 24, to shareholders of record on November 14.