Precision Drilling Q2 loss rises 30.7% on higher compensation expense

CALGARY — Precision Drilling Corp. had a $47.2-million net loss in the second quarter, 30.7 per cent bigger than the same time last year, as stock-linked compensation expenses increased.

The loss amounted to 16 cents per share compared with a net loss of $36 million or 12 cents per share in the second quarter of 2017.

Analysts had estimated a loss of 14 cents per share, according to Thomson Reuters Eikon.

The increase was largely fuelled by a $12-million increase in administrative expenses due to higher incentive compensation tied to the price of Precision Drilling’s stock price.

Precision Drilling’s operational metrics improved, including a 13.7 per cent increase in revenue to $330.7 million from $290.9 million.

Analysts had estimated about $320 million of revenue.

Adjusted EBITDA, or earnings before interest, taxes and other expenses, rose 10 per cent to $62.2 million from $56.5 million.

Companies in this story: (TSX:PD)

The Canadian Press

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