Major Drilling, symbol MDI on Toronto, is a large contract-drilling firm that mainly serves the mining industry. Major Drilling is one of the stocks we analyze in Stock Pickers Digest, our newsletter that contains stock investing tips for the part of your portfolio you devote to aggressive investing.
In the three months ended April 30, 2011, the company’s revenue jumped 41.0%, to $137.3 million from $97.4 million a year earlier. The gain came despite floods in North Dakota and Queensland, Australia, and severe winter weather in Canada. Earnings per share jumped 225.0%, to $0.13 from $0.04.
During the quarter, the company expanded its workforce to 4,000 from 3,400. It also bought 25 new rigs and retired 21 as part of a modernization program. It added 15 of its new rigs to its Resource Drilling (Mozambique) operations, which it acquired on March 24, 2011.
The company holds cash of $16.2 million, or $0.23 a share. Its long-term debt of $25.0 million is only 2.6% of its market cap.
Major Drilling is a dividend paying stock. Its annual rate of $0.15 a share yields 1.1%. In March 2011, the company split its shares on a 3-for-1 basis.
You can get our latest aggressive stock investing tips, as well as our updated advice on Major Drilling and other companies that may be suitable for your aggressive portfolio in the July 2011 Stock Pickers Digest. Best of all, you get absolutely FREE when you take a 1-month free trial to Stock Pickers Digest. Click here to get started right away.
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