Helmerich & Payne Q1 Profit Rises - Quick Facts

(RTTNews) - Helmerich & Payne, Inc. (HP) reported first-quarter net income of $173.2 million or $1.59 per share, compared to $159.6 million or $1.48 per share, last year. Included in net income corresponding to current year's first quarter were $0.03 per share of after-tax gains related to the sale of used drilling equipment.

On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $1.46 for the quarter. Analysts' estimates typically exclude special items.

Operating revenues increased to $889.2 million from $844.6 million, a year ago. Analysts expected revenue of $866.69 million for the quarter.

The company also announced it has entered into agreements with four exploration and production companies to build and operate nine additional FlexRigs in the U.S. All of these rigs were ordered under multi-year term contracts and are expected to generate attractive economic returns for the company. Given the increasing demand for FlexRigs, the company now expects a total of approximately $950 million in capital expenditures during fiscal 2014.