Nucor earnings beat by $0.08, revenue fell short of estimates
CALGARY, Alberta - Precision Drilling Corporation, a leading provider of drilling services in the oil and gas industry with a market capitalization of $656 million and annual revenue of $1.32 billion, has filed a report with the United States Securities and Exchange Commission (SEC) announcing its upcoming virtual-only annual and special meeting of shareholders. The meeting is scheduled to take place in April 2025, as disclosed in the company’s recent Form 6-K submission. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculation.
The corporation, which has a history dating back to 1951 and has undergone name changes from Precision Drilling (TSX:PD) Trust to Precision Drilling Corp (NYSE:PDS), has indicated that it will continue to file annual reports under Form 40-F. The SEC filing, dated today, was signed by Carey T Ford, the Chief Financial Officer of Precision Drilling Corporation. InvestingPro data shows the company maintains strong financial health with a GREAT overall score and a comfortable current ratio of 1.48, indicating solid liquidity management.
The 6-K form, a requirement for foreign private issuers in the United States, serves as a report for the current month and covers any material information that needs to be disclosed to investors and the regulatory body. In this instance, the document includes the announcement of the company’s management information circular, which is a key document for shareholders in preparation for the annual meeting.
Precision Drilling’s decision to conduct the meeting virtually reflects a continuing trend among corporations to leverage digital platforms for shareholder engagement. This approach allows for broader participation from shareholders who may be located anywhere in the world, ensuring their ability to partake in the governance of the company despite any geographical constraints.
The company, headquartered at 800, 525 - 8 Avenue S.W., Calgary, Alberta, Canada, operates within the drilling oil and gas wells industry under the SIC code 1381. Precision Drilling has been a significant player in this sector, providing drilling and related services to the energy and transportation industries.
The information regarding the annual and special meeting, as well as the management information circular, is based on the press release statement filed with the SEC. Shareholders and interested parties can look forward to receiving more details about the meeting’s agenda and how they can participate in the proceedings virtually. With the company’s next earnings report due on April 23, 2025, InvestingPro subscribers can access additional insights through the comprehensive Pro Research Report, which includes detailed analysis of the company’s financial performance and market position.
In other recent news, Precision Drilling Corporation reported its fourth-quarter 2024 earnings, which fell short of analyst expectations. The company announced an earnings per share (EPS) of $1.06, significantly below the forecasted $2.33, while revenue was reported at $468.17 million, missing the anticipated $512.27 million. Despite this earnings miss, the company maintained stable annual revenue of $1.9 billion, although adjusted EBITDA decreased by 15% to $521 million. Precision Drilling continues to focus on debt reduction, having decreased its debt by $176 million and repurchased $75 million worth of shares. The company is optimistic about future gas drilling activities in 2025 and has outlined a capital plan of $225 million for the year. Additionally, Precision Drilling has set a long-term debt reduction goal of $700 million between 2022 and 2027. Analyst firms have not provided any recent upgrades or downgrades for the company.
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