(Calgary) Precision Drilling posted third-quarter profit of $19.8 million on Thursday, down 35% from $30.7 million in the same period last year, even as revenue rose .
The oil services company’s profit per share stood at $1.45 for the quarter ended September 30, compared to $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 stronger drilling and services revenue rates, which were partially offset by lower activity.
The number of days used for Precision drilling equipment in Canada decreased by 2.7% in the most recent quarter compared to last year, while the decrease was 27.8% in the United States. Precision drilling equipment days 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.