Precision Drilling Corp. reported a third-quarter profit of $19.8 million, down from $30.7 million a year earlier, as its revenue edged higher.

The company says the profit amounted to $1.45 per diluted share for the quarter ended Sept. 30, down from $2.03 per diluted share in the same quarter last year.

Revenue for the quarter totalled $446.8 million, up from $429.3 million a year earlier.

Precision Drilling says the 4.1 per cent increase in revenue compared with a year ago was due to further strengthening of drilling and service revenue rates, partially offset by lower activity.

Drilling rig utilization days in Canada were down 2.7 per compared with a year ago, while its U.S. operations saw a 27.8 per cent drop. International drilling rig utilization days were up 0.4 per cent compared with last year.

The company says its service rig operating hours for the quarter were down 10.4 per cent from a year ago.

This report by The Canadian Press was first published Oct. 26, 2023.