Helmerich & Payne Q3 Profit Declines - Quick Facts

(RTTNews) - Helmerich & Payne (HP), a contract drilling company, Thursday said third-quarter net income fell to $192.3 million or $1.75 per share from $266.2 million or $2.46 per share last year.

The latest results included $0.13 per share of gains on the sale of investment securities and $0.01 per share of gains related to the sale of used drilling equipment.

On average, 22 analysts polled by Thomson Reuters expected earnings of $1.63 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues climbed to $952.1 million from $840.2 million in the prior year. Analysts expected revenues of $944.09 million.

President and CEO John Lindsay said, "...We continue to see a strong U.S. land drilling market and expect to benefit from increasing activity, recovering spot pricing levels, and additional customer commitments for new FlexRigs.''