06:32 AM EST, 02/13/2025 (MT Newswires) -- Precision Drilling ( PDS ) late on Wednesday reported a nearly 90% drop in net earnings for the fourth quarter of 2024.

Net earnings attributable to shareholders was $14.8 million, or $1.06 per share, falling from $146.7 million, or $9.81 per share. The FactSet consensus non-GAAP EPS estimate for the quarter was $1.61.

Revenue also fell 7.6% to $468.2 million from $506.9 million. Adjusted EBITDA declined 20% to $120.5 million from $151.2 million.

The company said it achieved its annual debt reduction, lowering debt by $176 million in the year ended Dec. 31, 2024.

Precision aims to reduce debt by at least $100 million in 2025. The company raised its long-term debt reduction target to $700 million and extended the debt reduction period to 2027.