Q: Thoughts on Precisions earnings & guidance ? Thank you.
5i Research Answer:
Precision reported revenue of $478 mln vs $483 mln expected and EBITDA of $126 mln. The company reduced debt levels over the year by $101 mln and was able to repurchase $76 mln in shares. For next year, the company plans to reduce debt by another $100 mln and put 50% of free cash flow toward share repurchases. Active rigs in the US increased by 9%. Overall it looked like a fine quarter.