Note: Used Conversion Rate 1 CAD to 0.80 USD

Precision Drilling (NYSE: PDS) reported Q4 EPS of $, versus ($0.07) reported last year. Revenue for the quarter came in at $278.12 million versus the consensus estimate of $267.02 million.

Precision Drilling 2017 fourth quarter and year-end financial results and highlights (Stated in Canadian dollars):

• Fourth quarter revenue of $347 million was an increase of 15% over the prior year comparative quarter.
• Fourth quarter net loss of $47 million ($0.16 per share) compared with a net loss of $31 million ($0.10 per share) in the fourth quarter of 2016. During the current quarter we incurred an asset impairment charge for $15 million, related to our Mexico contract drilling business, that after tax, increased our net loss by $10 million and net loss per diluted share by $0.03. In addition, because of changes in U.S. tax regulations, we recorded a $16 million future tax expense ($0.05 per diluted share) in the quarter.
• Fourth quarter earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, finance charges, foreign exchange, impairment of property, plant and equipment, gain on re-measurement of property, plant and equipment and depreciation and amortization, (adjusted EBITDA see “NON-GAAP MEASURES”) of $91 million was 40% higher than the fourth quarter of 2016.
• Full year revenue of $1,321 million was a 32% increase from $1,003 million in 2016.
• Full year net loss of $132 million ($0.45 per share) compared with a net loss of $156 million ($0.53 per share) in 2016.
• Full year adjusted EBITDA of $305 million was a 34% increase from $228 million of adjusted EBITDA in 2016.
• Funds provided by operations (see “NON-GAAP MEASURES”) of $28 million in the fourth quarter and $184 for the full year representing a 147% and 75% year-over-year increase, respectively.
• During the fourth quarter we issued US$400 million of 7.125% senior notes due 2026 and used the proceeds along with US$49 million of cash to repurchase all our outstanding US$372 million 2020 senior notes and US$70 million of our 2021 senior notes plus redemption costs.
• Long-term debt net of cash as of December 31, 2017 was $1,665 million, a decrease of $126 million from December 31, 2016.
• Fourth quarter capital expenditures were $25 million, with full year capital spending of $98 million.
• Exited 2017 with 63 active rigs in the U.S. representing a 62% increase from where we entered the year.

For earnings history and earnings-related data on Precision Drilling (PDS) click here.