UPDATE: Helmerich & Payne Posts Better-Than-Expected Q1 Earnings

Loading...
Loading...
Helmerich & Payne Inc.HP
reported upbeat earnings for the fiscal first quarter. The Tulsa, Oklahoma-based company posted quarterly earnings of $203 million, or $1.85 per share, compared to $173 million, or $1.59 per share, in the year-ago period. Excluding non-recurring items, the company earned $1.70 per share. Its revenue rose to $1.06 billion from $889 million. However, analysts were estimating earnings of $1.55 per share on revenue of $969.1 million. President and CEO John Lindsay commented, "Following record levels of revenue and operating income during four consecutive years, we are pleased with the strong results in our first quarter of fiscal 2015. The strong quarter is overshadowed by a rapidly deteriorating energy market. Oil prices at six year lows are significantly impacting spot pricing and drilling activity in the U.S., and we expect this to unfavorably impact our quarterly results during the rest of fiscal 2015. Nevertheless, we believe we are positioned to successfully navigate through the down-cycle as a result of our strong balance sheet, our term contract coverage, and our modern fleet of AC drive FlexRigs(R)*." Helmerich & Payne shares fell 5.48% to $56.40 in pre-market trading.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...