06:27 AM EDT, 10/23/2025 (MT Newswires) -- Precision Drilling ( PDS ) late Wednesday reported that it swung to a net loss in the third quarter as it recorded a higher deferred income tax expense related to its U.S. operations.

Third-quarter net loss attributable to shareholders was C$6.8 million, or a loss of $0.51 per share, swinging from net earnings of $39.2 million, or $2.31 per share.

Revenue for the quarter was $462.3 million, down from $477.2 million. This reflected a relative outperformance versus industry drilling rig activity declines of 15% in Canada and 7% in the U.S. over the comparable period.

Adjusted EBITDA came in at $117.6 million, a decrease from $142.4 million.

The company said it remains committed to its capital allocation plans. It has met its annual debt reduction target for 2025, with a debt reduction of over $100 million as of the end of the third quarter.

Precision plans to focus on share buybacks for the rest of 2025, expecting to allocate 35% to 45% of its free cash flow.

"Despite a North American drilling market that is down 7% compared to a year ago, Precision's current U.S. activity and Canadian Super Triple activity are both up more than 10% compared to this time last year. We have delivered strong activity while demonstrating resilient margins in both Canada and the U.S.," Precision president and CEO Carey Ford said.