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Helmerich & Payne (HP) Q2 Loss Wider Than Expected

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Helmerich & Payne Inc.(HP - Free Report) performed in fiscal Q2 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 #3 (Hold) but that could change following its fiscal second 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 dismal record: It has posted negative average earnings surprise of 2.14% in the trailing 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 47 cents, wider than the Zacks Consensus Estimate for a loss of 41 cents.

Revenue Came in Higher than Expected: Revenues beat expectations. Revenues of $405 million were above the Zacks Consensus Estimate of $391 million.

Key Stats: The ‘U.S. Land’ segment reported an operating loss of $51.8 million as against earnings of $62.5 million the year ago quarter.  Helmerich & Payne’s ‘Offshore’ unit earned $5.9 million in the first quarter, up 79% from last year. Lastly, the ‘International Land’ segment reported an operating loss of $11 million, as against the loss of $2.3 million in the year ago quarter.

Total operating costs increased by approximately 34% to $296.9 million when compared to the prior year quarter.

Share Performance: Shares have risen almost 0.4% year-to-date, while the Zacks categorized Oil & Gas - Drilling industry has declined 16.4 %.

Check back later for our full write up on this Helmerich & Payne earnings report later!

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