(Calgary) Precision Drilling posted third-quarter profit of $19.8 million on Thursday, down 35 per cent from $30.7 million in the same period last year, even as revenue rose .
The oilfield services company’s earnings per share were $1.45 for the quarter ended September 30, up from $2.03 in the third quarter of last year.
Quarterly revenues totaled 446.8 million, up from 429.3 million last year.
Precision Drilling attributed the 4.1% year-over-year revenue growth to firmer drilling and services revenue rates, which were partially offset by lower activity.
Precision drilling equipment days in Canada decreased 2.7% in the most recent quarter compared to last year, while the decline was 27.8% in the United States. Days used for Precision drilling equipment in other countries increased 0.4% from last year.
The company added that its service equipment operating hours for the quarter decreased 10.4% year-over-year.
