04:53 PM EDT, 05/07/2024 (MT Newswires) -- PHX Energy Services ( PHXHF ) on Tuesday said its second-quarter profit fell 22% as revenue was mostly unchanged.

The oilfield-services company said it earned C$17.5 million, or C$0.37 share, in the quarter, down from C$22.4 million, or C$0.42 per share in the year-prior per share. Adjusted earnings per share, which excludes most one-time items, rose 7.3% to C$0.74 from C$0.69.

Revenue was mostly flat at C$166.12 million from C$166.02 million, while cash flow from operating activities rose to C$11.2 million from 2023's C$3.9 million.

In its outlook, PHX said it believes the declining US rig count has stabilized and this new level of activity will be sustained in the upcoming quarters, while Canadian operations continue to benefit from the addition of new technologies.

The company's shares closed up C$0.09 to C$8.92 on the Toronto Stock Exchange