Helmerich & Payne (NYSE: HP) reported Q1 EPS of ($0.07), $0.06 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $564 million versus the consensus estimate of $545.65 million.

First Quarter of Fiscal 2018 net income of $4.55 per diluted share included $4.57 in after-tax gains comprised of the following:

• $4.55 of income tax adjustments related to the recognition of the new corporate tax rate under the Tax Cuts and Jobs Act in calculating the Company’s new deferred income tax liability
• $0.03 of after-tax income from long-term contract early termination compensation from customers
• $0.04 of after-tax gains related to the sale of used drilling equipment
• $(0.05) of after-tax losses from abandonment charges related to the decommissioning of used drilling equipment

Fourth Quarter of Fiscal 2017 net loss of $(0.21) per diluted share included $(0.07) in after-tax losses comprised of the following:

• $0.03 of after-tax income from long-term contract early termination compensation from customers
• $0.02 of after-tax gains related to the sale of used drilling equipment
• $0.03 of after-tax gains related to a favorable adjustment to interest and other expenses as a result of the reversal of previously booked uncertain tax positions where the statute of limitations has expired
• $(0.11) of after-tax losses from abandonment charges related to the decommissioning of used drilling equipment
• $(0.04) of income tax adjustments related to a net operating loss carryback to a prior fiscal year that caused a reduction of prior year Section 199 domestic production deductions

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