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Major Drilling Fiscal Q1 Earnings, Revenue Jump, Beat Forecasts

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Major Drilling Group International (MDI.TO) said Wednesday after trade its fiscal first-quarter earnings jumped 44% to C$0.18 per share from C$0.12 per share in the prior year period.

Analysts polled by FactSet had expected C$0.17 per share.

The company, which provides contract drilling services to mining companies, said quarterly revenue rose 19% to hit a record C$277.3 million, beating the C$263.6 million FactSet forecast.

Each region contributed double-digit revenue growth that was mainly driven by deploying additional rigs, combined with an improved pricing environment, said chief executive Denis Larocque.

Major Drilling shares closed up C$0.04 to C$16.47 on the Toronto Stock Exchange.

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