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Major Drilling Group International Inc. reported what the company said was its highest quarterly revenue and net earnings in 10 years for its first quarter ended July 31.
The company reported revenue of $199.8-million, an increase of 32 per cent over the same period last year. The expectation was for revenue to come in at $189.8-million, according to S&P Capital IQ.
Net earnings of $24.2-million or 29 cents per share, which was above expectations of earnings to come in at 26 cents and compared to net earnings of $11.1-million or 14 cents per share for the same period last year.
“During the quarter, we saw a continued increase in the demand for our complex specialized drilling services, despite the economic uncertainties experienced over the last three months,” said CEO Denis Larocque. “With the strong operational leverage in our business model, we were again able to produce robust results.”