11:39 AM EDT, 11/01/2024 (MT Newswires) -- Ensign Energy Services ( ESVIF ) on Friday reported that it swung to a third-quarter profit despite a decrease in revenue.

The oilfield-services company earned $5.3 million, or $0.03 per share, in the quarter, compared to a loss of $5.2 million, or $0.03 in the year-ago quarter. The result missed the S&P Capital IQ consensus normalized EPS estimate of $0.05.

Revenue came in at $434.6 million, down from $444.4 million. Adjusted EBITDA increased to $119 million, or $0.64 per share, from $117.3 million, or $0.63 per share.

Ensign has targeted about $200 million in debt reduction for 2024. From 2023 to 2025, the company reaffirmed its targeted debt reduction of about $600 million.

The company's shares were last seen up $0.09 to $2.89 on the Toronto Stock Exchange.

Price: 2.89, Change: +0.09, Percent Change: +3.21