Business
Precision Drilling Corporation announces results for the first quarter - Energy Services generates 107% earnings growth
Precision Drilling Corporation announces results for the first quarter - Energy Services generates 107% earnings growth.
About this update from Precision Drilling Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, April 28 /CNW/ - Precision Drilling Corporation (\"Precision\" or\nthe \"Corporation\") announced today that income from continuing operations for\nthe first quarter of 2005 was $138.5 million or $2.22 per diluted share,\ncompared to $106.1 million or $1.88 per diluted share for the first quarter of\n2004.\nRevenue increased by 20% to $792 million, with operating earnings\nsubstantially surpassing this improvement, increasing 32% to $224 million.\nYear-over-year, Precision Drilling's three business segments increased\noperating earnings by 107% in Energy Services, 43% in Rental and Production\nand 16% in Contract Drilling. These improvements were the result of:\n\n- The successful integration of the Compact(TM) wireline services and\n the internationally based land drilling rigs acquisitions;\n- Increased service pricing in response to continued strong demand; and\n- Enhanced equipment utilization in Energy Services.\n\nIt is important to note that this improvement in year-over-year\nprofitability occurred despite decreased overall activity levels in Canada,\ndemonstrating the success of Precision's efforts to expand internationally, as\nwell as its pricing strength in the Canadian market.\nInternational revenue in the first quarter of 2005 increased 51% over the\nsame period in 2004 due to our successful acquisition of 31 internationally-\nbased land drilling rigs and geographic expansion into high growth markets by\nour Energy Services segment. Internationally, Energy Services generated higher\nearnings across all product lines in nearly all of the regions in which the\ncompany operates.\n\n>\n%SEDAR: 00002052E\n\n\n","length":21719,"tagName":"div"}]