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!