VAL-D'OR, QC, May 8, 2024 /CNW/ - Orbit Garant Drilling Inc. (TSX:OGD) ("Orbit Garant" or the "Company") today announced its financial results for the three-month ("Q3 2024") and nine-month periods ended March 31, 2024. All dollar amounts are in Canadian dollars unless otherwise stated. Financial Highlights ($ amounts in millions, except per share amounts) Three months endedMarch 31, 2024 Three months endedMarch 31, 2023 Nine months endedMarch 31, 2024 Nine months ended March 31, 2023 Revenue 48.2 49.3 135.9 154.2 Gross Profit 6.2 4.6 13.1 17.7 Gross Margin (%) 12.8 9.4 9.6 11.5 Adjusted Gross Margin (%)¹ 17.3 14.4 15.0 16.3 EBITDA¹ 3.9 4.5 8.0 17.3 Net earnings (loss) 2.0 0.2 (0.1) 3.4 Net earnings (loss) per share        - Basic and diluted ($) 0.05 0.01 0.00 0.09 (1)This is a non-IFRS measure and is not a standardized financial measure. The Company's method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to "Reconciliation of Non-IFRS financial measures" on page 3 of this news release for more information about each non-IFRS measure and for the reconciliations to the most directly comparable IFRS financial measures. "Our profitability improved year-over-year in the third quarter, a seasonally slower period for our business, as our drilling activity in Canada remained relatively stable, our activity in Chile increased and we had no further activity in West Africa," said Pierre Alexandre, President and CEO of Orbit Garant. "In Canada, our operations normalized during the quarter as the projects that were temporarily suspended or reduced due to customer decisions in the first half of Fiscal 2024 were fully resumed by January. Subsequent to quarter end, we secured two large copper contract renewals in Chile with senior mining companies. One of the contract renewals is for a term of three years, with a customer option to extend for two years, and the other, which represents our largest contract in Chile, is for a term of five years.  "With our West African operations now ceased, we expect our margins to improve as we focus on our core Canadian operations and attractive projects in South America, while carefully managing our costs. The price of gold has recently traded at record levels above US$2,400 per ounce and copper prices have increased significantly since the start of January. With these current high metals prices, we expect to see continued strong demand for our services from senior mining companies. However, financing conditions remain challenging for junior exploration companies, and for certain intermediates. Accordingly, we are primarily focusing on senior and well-financed intermediate customers, from which we derived 87% of our revenue in the first nine months of Fiscal 2024." Third Quarter Results Revenue for Q3 2024 totalled $48.2 million, a decrease of 2.3% compared to $49.3 million for the three-month period ended March 31, 2023 ("Q3 2023"). Canada revenue totalled $37.2 million in Q3 2024, a decline of 3.5% compared to $38.5 million in ...