Precision reported 3Q15 revenue of $364 mm which was in line with our forecast of $354 mm and below consensus of $395 mm. EBITDAS was $111 mm, whereas our forecast was $103 mm and consensus was $114 mm. EBITDAS was ahead of our estimates due to marginally stronger daily margins in Canada and the U.S. The outlook was largely in line with our prior expectations, which forecasts EBITDAS declining to $409 mm in 2016e from $466 mm in 2015e.
22 Oct 2015
PRECISION DRILLING LTD. (PD) 3Q15 RESULTS INCLUDE UPDATED DIVIDEND OUTLOOK, 2016E CAPITAL BUDGET, NEW RIG BUILD AWARDS, ADDITIONAL COVENANT RELIEF AND IMPAIRMENTS
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PRECISION DRILLING LTD. (PD) 3Q15 RESULTS INCLUDE UPDATED DIVIDEND OUTLOOK, 2016E CAPITAL BUDGET, NEW RIG BUILD AWARDS, ADDITIONAL COVENANT RELIEF AND IMPAIRMENTS
Precision Drilling Corporation (PD:TSE) | 0 0 (-1.4%) | Mkt Cap: 1,237m
- Published:
22 Oct 2015 -
Author:
Ian B. Gillies -
Pages:
4
Precision reported 3Q15 revenue of $364 mm which was in line with our forecast of $354 mm and below consensus of $395 mm. EBITDAS was $111 mm, whereas our forecast was $103 mm and consensus was $114 mm. EBITDAS was ahead of our estimates due to marginally stronger daily margins in Canada and the U.S. The outlook was largely in line with our prior expectations, which forecasts EBITDAS declining to $409 mm in 2016e from $466 mm in 2015e.