Helmerich & Payne: Fiscal 1Q Earnings Snapshot
TULSA, Okla. (AP) _ Helmerich & Payne Inc. (HP) on Monday reported fiscal first-quarter net income of $30.6 million.
On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 27 cents. Earnings, adjusted for non-recurring gains, came to 13 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The oil and gas well-drilling contractor posted revenue of $614.7 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $603.2 million.
Helmerich & Payne shares have fallen 10% since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 1%. In the final minutes of trading on Monday, shares hit $40.73, a fall of 28% in the last 12 months.