Precision Drilling (PDS) Surpasses Q2 Earnings and Revenue Estimates

Core Insights - Precision Drilling reported quarterly earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of a loss of $0.62 per share, but down from $1.21 per share a year ago [4] - The company achieved revenues of $313.71 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.53%, although this represents a decline from $316.89 million year-over-year [2] - Precision Drilling's stock has increased approximately 31.1% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [3] Earnings Performance - The earnings surprise for the latest quarter was 269.35%, following a previous quarter where earnings were $1.88 per share against an expectation of $2 per share, resulting in a surprise of -6% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates two times [5] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.36 on revenues of $358.99 million, and for the current fiscal year, it is $6.03 on revenues of $1.47 billion [10] - The estimate revisions trend for Precision Drilling is currently unfavorable, leading to a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [9] - The Oil and Gas - Drilling industry is ranked in the bottom 18% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [11]