05:11 PM EDT, 07/30/2024 (MT Newswires) -- Precision Drilling ( PDS ) (PD.TO, PD) was up 2.8% in after-hours New York trading after the company on Tuesday reported a lower second quarter profit even though revenue rose slightly.

The oilfield-services company said its profit in the period fell to $20.7 million, or $1.44 per share, from $26.9 million, or $1.97, in the prior-year period.

Revenue was $429.21 million, up 0.8% from $425.62 million last year, due to higher drilling activity and pricing in both Canada and internationally, more than offsetting lower results in the U.S., the company said.

In its outlook, Precision said the outlook for energy demand is positive, including in Canada. While drilling activity in the U.S. is constrained by weak natural gas prices, and merger and acquisition activity. Precision expects demand will likely increase in the fourth quarter.

The company's shares were last seen up US$2.02 to US$71.98 after hours. They closed up $0.99 to $99.44 on the Toronto Stock Exchange.