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Helmerich & Payne (HP) Incurs Q3 Loss Wider Than Expected

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Incorporated in 1940, Helmerich & Payne Inc. (HP - Free Report) 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.  

Currently, Helmerich & Payne has a Zacks Rank #3 (Hold) but that could change following its third quarter fiscal 2016 earnings report which has just released. Coming to earnings surprise history, the Tulsa, OK-based major land and offshore drilling contractor has surpassed estimates in two of the last four quarters at an average rate of 44.73%.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Operating loss per share – excluding special items – came in at 47 cents, wider than the Zacks Consensus Estimate of loss of 42 cents.

Revenue: Revenues beat expectations. Revenues of $366.5 million were above the Zacks Consensus Estimate of $311 million.

Key Stats: Operating income in the U.S. Land Operations segment tumbled a whopping 79% from the year-earlier quarter to $25.8 million, while for the Offshore Operations unit it fell 86% to $2.1 million. The International Land Operations segment reported an operating loss of $4.9 million, as against income of $18.9 million in the third quarter of fiscal 2015.

HELMERICH&PAYNE Price and EPS Surprise

HELMERICH&PAYNE Price and EPS Surprise | HELMERICH&PAYNE Quote

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

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