Precision Drilling issues quarterly profit warning
Article Abstract:
Precision Drilling Corp., which is the biggest oil patch drilling contractor in Canada, issued on Oct. 21, 1998, a quarterly profit warning, stressing that its results for fiscal 1999 second-quarter ended Oct. 31, 1998, will be about 21 cents per share, compared with analysts' expectations of up to 32 cents per share. The earnings of oil field services firms, including Precision Drilling, declined because the companies that hire them cannot afford to drill as many wells in 1998. Precision Drilling CFO Dale Tremblay stressed that drilling contractors reduced their prices to sustain their businesses.
Comment:
Warns that its results for fiscal 1999 2nd qtr ended 10/31/98 will be about 21 cents per share, which are below expectations
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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CP's profit falls 36% in 1998
Article Abstract:
Canadian Pacific Ltd reported a profit of C$801 milion, or C$2.39 per share, for 1998, down 36% from C$1.26 billion, or C$3.64 per share, the previous year. The 1998 results included a C$309 million charge against earnings in relation to the sale of its stake in Laidlaw Inc in 1997. The company blamed weak oil prices and low coal prices for the profit decline, adding that 1999 could be another poor year for all its commodity-sensitive operations.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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