Helmerich & Payne: Fiscal 1Q Earnings Snapshot
TULSA, Okla. (AP) _ Helmerich & Payne Inc. (HP) on Tuesday reported fiscal first-quarter net income of $19 million.
On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 17 cents. Earnings, adjusted for one-time gains and costs, came to 32 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The oil and gas well-drilling contractor posted revenue of $740.6 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $716.1 million.
Helmerich & Payne shares have increased 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $53.86, a drop of 28 percent in the last 12 months.