Helmerich Payne (HP) Posts Q2 Profit as Revenue Fall 51%

Helmerich Payne (NYSE: HP) reported Q2 EPS of $0.19, which may not compare with the analyst estimate of ($0.18). Revenue for the quarter came in at $438 million versus the consensus estimate of $398.26 million and $886 million last year.

President and CEO John Lindsay commented, “These are demanding times in the energy service space, and the challenge for many is now one of survival. The U.S. land rig count is comparable to the all-time record lows reached in 1999. Sharp reductions in personnel, expenses, and investments are occurring worldwide, and we expect to see further deterioration in terms of drilling activity during the third fiscal quarter.

Included in net income per diluted share for this year’s and last year’s second fiscal quarters as well as this year’s first fiscal quarter are approximately $0.47, $0.40, and $0.10, respectively, of after-tax income related to a combination of select items.

“But even if this difficult environment persists, we believe that H&P’s competitive and financial positions remain very strong. Our long-term contracts have allowed the Company to remain profitable and protect FlexRig®* investments. We are able to focus energy on efforts that add value to our customers and help us to become even more efficient and effective as an organization. Whether we see more declines in activity or a significant improvement in demand, H&P is well positioned to respond. As we have described in the past, our strong and liquid balance sheet, robust backlog, and lower spending requirements should allow us to continue to return cash to shareholders. Our strength is driven by our people, and we appreciate their attitude in the face of this adversity and their dedication to the Company through these difficult times.”

For earnings history and earnings-related data on Helmerich Payne (HP) click here.

You May Also Be Interested In

• Nanometrics (NANO) Issues Business Update, Reports FY23 Results
• O'Reilly Automotive (ORLY) Misses Q1 EPS by 7c, Offers Guidance
• Plexus Corp (PLXS) Tops Q2 EPS by 7c