Pason Systems Inc

PSI

Equity

ISIN CA7029251088 / Valor 551587

Toronto Stock Exchange (2024-12-24)

CAD 13.40+0.53%

Pason Systems Inc
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About company

Pason Systems Inc. is a prominent energy services and technology firm that specializes in providing advanced hardware, software, and services, mainly targeting the oil and gas drilling sector. Operating across 12 countries, Pason has established itself as a leader in developing innovative solutions designed to enhance efficiency and productivity within the energy industry. Beyond its core focus on drilling, Pason has expanded its offerings through subsidiaries such as Energy Toolbase and Intelligent Wellhead Systems. Energy Toolbase is recognized for its superior software that aids in the economic modeling and proposal of solar and energy storage projects, positioning it as a key player in the renewable energy sector. Meanwhile, Intelligent Wellhead Systems stands out as a top supplier of digital control technologies that significantly improve the installation and operational phases of oil and gas wells. Through these diverse business arms, Pason Systems Inc. demonstrates a broad commitment to advancing technology within both traditional and renewable energy markets, underlining its motto, "Technology Deployed Simply."

Summarized from source with an LLMView SourceSector: Energy

Total Revenue

Pason Systems Inc. reported consolidated revenue of $104.8 million for the first quarter of 2024, marking a 7% increase from the $98.2 million generated in the same period of 2023. This growth outpaced the changes in underlying North American industry drilling activity.

North American Drilling Revenue

The North American Drilling business unit of Pason Systems Inc. generated $73.6 million in revenue for Q1 2024, which is an 8% decrease compared to the same quarter in 2023. This decline occurred despite a 15% reduction in North American industry drilling activity.

International Drilling Revenue

Pason Systems Inc.'s International Drilling business unit reported $14.6 million in revenue for the first quarter of 2024, a 6% decrease from the comparative period in 2023. The decline was partly due to the impact of a weaker Argentinian Peso.

Net Income

Pason Systems Inc. recorded net income attributable to the company of $69.5 million ($0.87 per share) in Q1 2024, compared to $35.8 million ($0.44 per share) in the same period of 2023. The significant increase was primarily driven by a $50.8 million non-cash accounting gain from the revaluation of the company's equity investment in IWS following its acquisition.

Dividends and Share Repurchases

In the first quarter of 2024, Pason Systems Inc. returned $13.6 million to shareholders through a quarterly dividend of $0.13 per share, totaling $10.3 million, and $3.3 million in share repurchases. This reflects the company's commitment to providing value to its shareholders.

Summarized from source with an LLMView Source

Key figures

-16.8%1Y

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Performance

26.0%1Y

26.8%3Y

26.8%5Y

Volatility