Canada · Delayed Price · Currency is CAD Precision Drilling Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong utilization and revenue growth, with robust cash flow and capital returned to shareholders. Guidance points to record Canadian activity in Q2, U.S. rig count growth, and increased capital spending, while international operations face higher costs due to regional disruptions.
Fiscal Year 2025
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Delivered strong free cash flow in 2025, reduced net debt to 1.2x EBITDA, and repurchased CAD 76 million in shares. Q4 saw a net loss due to non-cash charges, but adjusted net income rose year-over-year. 2026 guidance includes stable rig activity, capital-light growth, and increased shareholder returns.
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Q3 results showed resilient margins and strong rig upgrade activity, with leadership transition completed. Capital spending increased for 2025, debt reduction targets met, and share buybacks ongoing. Outlook remains positive, driven by technology, customer contracts, and robust demand in key regions.
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Q2 2025 results surpassed expectations with strong EBITDA, earnings, and cash flow, driven by robust Canadian and U.S. drilling and increased customer demand for rig upgrades. The capital plan was raised to $240 million, and debt reduction and share repurchase targets remain on track.
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Q1 results showed strong Canadian drilling and steady international operations, with adjusted EBITDA of CAD 137 million and net earnings of CAD 35 million. The company reduced its 2025 capital plan, remains focused on debt reduction, and is seeing stable demand in Canada and cautious optimism in U.S. and international markets.
Fiscal Year 2024
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2024 saw resilient cash flow and profitability, with flat revenue and lower EBITDA year-over-year. Debt reduction and share repurchases continued, while Canadian and international segments outperformed the U.S. Outlook for 2025 is stable, with growth expected in Canadian and gas-focused U.S. activity.
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Year-over-year growth in revenue, Adjusted EBITDA, and net earnings was driven by strong Canadian and international activity, offsetting a constrained U.S. market. Debt reduction and share repurchases progressed, with increased capital spending for rig upgrades and opportunistic investments. Margins and cash flow remain robust, with a positive outlook for 2024.
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Q2 results surpassed expectations with strong revenue, EBITDA, and cash flow, driven by robust Canadian and international operations. Debt reduction and share buybacks remain priorities, with leverage expected to fall below 1x in 2025. Canadian activity is surging due to improved oil prices and export certainty.