UPDATE: Precision Drilling Posts Rise In Q3 Profit, Lifts Dividend

Precision Drilling

reported a 79% gain in its third-quarter profit. The Calgary, Canada-based company posted quarterly net income of C$52.8 million ($47 million), or 18 Canadian cents a share, compared to C$29.4 million, or 10 Canadian cents a share, in the year-ago period. Analysts were expecting earnings of C$0.18 per share. Its revenue climbed around 20% to C$584.6 million, versus analysts' estimates of C$590.58 million. Revenue from our Contract Drilling Services segment climbed 22% y/y, while revenue from Completion and Production Services segment rose 7%. Adjusted EBITDA rose 45% to C$199 million in the quarter. Precision Drilling also lifted its quarterly dividend by 17% to 7 Canadian cents a share. Kevin Neveu, Precision's President and Chief Executive Officer, said, "Precision's growth has been most significant in the U.S. where our drilling days increased 20% year over year, compared to an 8% increase in industry activity. With 20 scheduled new-build deliveries to the U.S. market from the start of the fourth quarter 2014 until mid-2015, we expect to continue to expand our market presence. These rig deliveries, along with four Canadian and two international new-build deliveries over the same time period, will further support our high performance operations and the cash flows delivered by our fleet.” Precision Drilling shares fell 1.99% to close at $8.85 on Friday.