Market MoversOn the Rise Precision Drilling Corp. turned higher after it reported a first-quarter profit of $36.5-million, down from $95.8 -n a year ago, as its revenue also edged lower.
The company says the profit amounted to $2.53 per diluted share for the quarter ended March 31, down from $5.57 per diluted share in the same quarter last year.
Revenue totalled $527.8-million, down from $558.6-million in the first quarter of 2023.
The drop came as it averaged 38 active drilling rigs in the U.S. for the quarter compared with 60 for the first quarter of 2023.
Meanwhile, Precision averaged 73 active drilling rigs in Canada for the quarter, compared with 69 a year earlier. The company’s international operations averaged eight active drilling rigs for the quarter compared with five in the first quarter of 2023.
Service rig operating hours for the quarter rose nearly 28 per cent compared with a year earlier.