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Helmerich & Payne (HP) Q1 Loss Wider Than Expected
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Have you been eager to see how contract drilling services provider Helmerich & Payne Inc. (HP - Free Report) performed in fiscal Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Tulsa, OK-based company’s earnings release this morning:
About Helmerich & Payne: Incorporated in 1940, Helmerich & Payne is engaged in the contract drilling of oil and gas wells in the U.S. and internationally. The company supplies drilling rigs, equipment, personnel, and camps on a contractual basis to explore for and develop oil and gas from onshore areas and from fixed platforms, tension-leg platforms, and spars in offshore areas. Helmerich & Payne’s contract drilling business consists of three business segments: U.S. land drilling, offshore drilling and international land drilling.
Zacks Rank & Surprise History: Currently, Helmerich & Payne has a Zacks Rank #2 (Buy) but that could change following its fiscal first quarter 2017 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company has a mixed record: its missed estimates in two of the last four quarters.
We have highlighted some of the key details from the just-released announcement below:
A Wider-than-Expected Loss: Helmerich & Payne reports loss. Net operating loss per share – excluding special items – came in at 41 cents, wider than the Zacks Consensus Estimate for a loss of 37 cents.
Revenue Came in Higher than Expected: Revenues beat expectations. Revenues of $368.6 million were above the Zacks Consensus Estimate of $328.8 million.
Key Stats: The ‘U.S. Land’ segment swung to an operating loss of $30.9 million, as against income of $55.5 million in the year-earlier quarter. Helmerich & Payne’s ‘Offshore’ unit earned $6.8 million in the first quarter, down 12% from last year. Lastly, the ‘International Land’ segment reported a small operating profit of $825,000, turning around from the $6.7 million loss incurred in the first quarter of fiscal 2016.
Total operating costs decreased by approximately 7% to $417.8 million.
For 2017, Helmerich & Payne now expects a capital budget of $350 million, up from its previous guidance of $200 million.
Share Performance: Shares have risen almost 5% year-to-date, while the Zacks categorized Oil & Gas - Drilling industry has gained over 12%. Over the last 12 months, Helmerich & Payne stock has risen 76%.
Check back later for our full write up on this Helmerich & Payne earnings report later!
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Helmerich & Payne (HP) Q1 Loss Wider Than Expected
Have you been eager to see how contract drilling services provider Helmerich & Payne Inc. (HP - Free Report) performed in fiscal Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Tulsa, OK-based company’s earnings release this morning:
About Helmerich & Payne: Incorporated in 1940, Helmerich & Payne is engaged in the contract drilling of oil and gas wells in the U.S. and internationally. The company supplies drilling rigs, equipment, personnel, and camps on a contractual basis to explore for and develop oil and gas from onshore areas and from fixed platforms, tension-leg platforms, and spars in offshore areas. Helmerich & Payne’s contract drilling business consists of three business segments: U.S. land drilling, offshore drilling and international land drilling.
Zacks Rank & Surprise History: Currently, Helmerich & Payne has a Zacks Rank #2 (Buy) but that could change following its fiscal first quarter 2017 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company has a mixed record: its missed estimates in two of the last four quarters.
Helmerich & Payne, Inc. Price and EPS Surprise
Helmerich & Payne, Inc. Price and EPS Surprise | Helmerich & Payne, Inc. Quote
We have highlighted some of the key details from the just-released announcement below:
A Wider-than-Expected Loss: Helmerich & Payne reports loss. Net operating loss per share – excluding special items – came in at 41 cents, wider than the Zacks Consensus Estimate for a loss of 37 cents.
Revenue Came in Higher than Expected: Revenues beat expectations. Revenues of $368.6 million were above the Zacks Consensus Estimate of $328.8 million.
Key Stats: The ‘U.S. Land’ segment swung to an operating loss of $30.9 million, as against income of $55.5 million in the year-earlier quarter. Helmerich & Payne’s ‘Offshore’ unit earned $6.8 million in the first quarter, down 12% from last year. Lastly, the ‘International Land’ segment reported a small operating profit of $825,000, turning around from the $6.7 million loss incurred in the first quarter of fiscal 2016.
Total operating costs decreased by approximately 7% to $417.8 million.
For 2017, Helmerich & Payne now expects a capital budget of $350 million, up from its previous guidance of $200 million.
Share Performance: Shares have risen almost 5% year-to-date, while the Zacks categorized Oil & Gas - Drilling industry has gained over 12%. Over the last 12 months, Helmerich & Payne stock has risen 76%.
Check back later for our full write up on this Helmerich & Payne earnings report later!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>