Precision Drilling Q4 Adj. EBITDA Declines; Revenue Down 13%

(RTTNews) - Precision Drilling Corp. (PD.TO, PDS) reported break even per share for the fourth quarter of 2019 compared to a loss of C$0.68, last year. During the quarter, the company recorded a loss on asset decommissioning of C$20 million that, after-tax, increased net loss per share by C$0.05. On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of C$0.06, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was C$105 million, 22% lower than prior year.

Fourth-quarter revenue was C$372 million, down 13% from a year ago. Revenue decreased due to lower activity in the U.S. and Canada, partially offset by higher average day rates in the U.S. and higher international activity. Analysts expected revenue of C$357.14 million for the quarter.