Helmerich & Payne Q2 Profit Falls

(RTTNews) - Helmerich & Payne Inc. (HP) Monday reported an fall in second quarter profit to $21.21 million from $154 million in the prior year. Earnings per share rose to $0.19 from $0.15 last year.

On average, 28 analysts polled by Thomson Reuters expected the company to record loss of $0.18 per share. Analysts estimates usually exclude special items.

Revenue slipped to $438.19 million from $886 million in the previous year. Wall Street was looking for $398.26 million.

John Lindsay, president and CEO said, "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."