Precision Drilling Turns To Profit In Q4 - Quick Facts

(RTTNews) - Precision Drilling Corp. (PD.TO, PDS), a provider of oil and natural gas drilling and drilling-related services, Thursday said fourth-quarter net earnings were C$67.92 million or C$0.24 per share, compared to a net loss of C$116.34 million or C$0.42 per share in the fourth quarter of 2012.

The prior-year results included charges associated with asset decommissioning and a goodwill impairment that reduced net earnings by C$179 million and net earnings per share by C$0.63.

On average, 12 analysts polled by Thomson Reuters expected earnings of C$0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue rose 6 percent to C$566.91 million from C$533.95 million, mainly due to higher international and U.S. drilling activity and increased pricing in Canadian contract drilling, partially offset by lower turnkey activity in the U.S. Analysts expected revenues of C$540.59 million.

The company's board declared a first-quarter dividend of C$0.06 per share, payable on March 14 to shareholders of record on February 27.