PDS - Precision Drilling GAAP EPS of C$5.57 beats by C$1.36 revenue of C$558.61M beats by C$30.8M

2023-04-26 06:08:18 ET

• Precision Drilling press release ( NYSE: PDS ): Q1 GAAP EPS of C$5.57 beats by C$1.36 .
• Revenue of C$558.61M (+59.0% Y/Y) beats by C$30.8M .
• Revenue per utilization day reached US$34,963 in the U.S. and $32,304 in Canada, while daily operating margins increased to US$14,692 in the U.S. and $13,558 in Canada as drilling rigs continued to reprice at higher day rates.
• The outlook for our Precision Well Servicing business remains positive with strong customer demand supporting maintenance and completion activity. We have successfully integrated High Arctic’s well servicing assets and associated rental business that we acquired in July 2022. By leveraging our existing platform and continuing our strict focus on cost control, we have realized annual run-rate cost synergies of approximately $4 million and expect to achieve our $5 million target in the second quarter.

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