The company, which provides contract drilling, completion and production services to oil and gas exploration companies in the U.S. and Canada, reported net earnings for the quarter were $102 million, or $0.35 per diluted share, compared to the $93 million, or $0.33 per diluted share reported in the first quarter 2013.
Revenue for the quarter was $672 million, a 13% increase from the $534 million reported during the same quarter in 2013.
The company said it is increasing its 2014 capital plan, to $833 million from $634 million, in response to strong customer demand for its new-build super series rigs.
TheStreet Ratings team rates PRECISION DRILLING CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PRECISION DRILLING CORP (PDS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, solid stock price performance, impressive record of earnings per share growth and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."