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Helmerich & Payne (HP) Q2 Loss Wider Than Expected

Incorporated in 1940, Helmerich & Payne Inc.HP 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 second 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 a good track record: its beaten estimates in 3 of the last four quarters at an average rate of 52.38%.

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

Earnings: Helmerich & Payne reports loss. Net operating loss per share - excluding special items - came in at 28 cents, wider than the Zacks Consensus Estimate for a loss of 22 cents.

Revenue: Revenues beat expectations. Revenues of $438.2 million were above the Zacks Consensus Estimate of $394 million.

Key Stats: Operating income in the U.S. Land Operations segment tumbled 72% from the year-earlier quarter to $62.5 million, while for the Offshore Operations unit it fell 83% to $3.3 million. The International Land Operations segment reported an operating loss of $2.3 million, as against income of $10.6 million in the second quarter of fiscal 2015.

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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