Precision Drilling Second Quarter 2024 Earnings: Beats Expectations

Precision Drilling (TSE:PD) Second Quarter 2024 Results

Key Financial Results

• Revenue: CA$429.2m (flat on 2Q 2023).
• Net income: CA$20.7m (down 23% from 2Q 2023).
• Profit margin: 4.8% (down from 6.3% in 2Q 2023).
• EPS: CA$1.44 (down from CA$1.97 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Precision Drilling Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates significantly.

Looking ahead, revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.3% decline forecast for the Energy Services industry in Canada.

Performance of the Canadian Energy Services industry.

The company's shares are down 4.7% from a week ago.

Risk Analysis

We should say that we've discovered 4 warning signs for Precision Drilling (2 are a bit unpleasant!) that you should be aware of before investing here.

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