Stock Track | Precision Drilling Plummets 5.13% Intraday on Q4 Sales Miss Despite Earnings Beat
Stock Track
Yesterday
Precision Drilling's stock plummeted 5.13% during intraday trading on Thursday, as investors reacted negatively to the company's latest quarterly results.
The oilfield services company reported fourth-quarter adjusted earnings per share of $1.37, which significantly beat the analyst consensus estimate of $1.11. However, quarterly sales of $343.198 million came in slightly below the expected $346.790 million, marking a 1.04% miss.
While earnings showed strong year-over-year growth of over 80%, the sales shortfall appears to have overshadowed the positive bottom-line performance, leading to the sharp decline in the stock price during the trading session.
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