Helmerich & Payne Q4 Profit Rises - Quick Facts

(RTTNews) - Contract driller of oil and gas wells Helmerich & Payne, Inc. (HP) reported that net income for the fourth fiscal quarter of 2013 was $159.8 million or $1.47 per share, up from $157.1 million or $1.46 per share in the fourth fiscal quarter of 2012.

Income from continuing operations for the fourth quarter of fiscal 2013 was $159.8 million or $1.47 per share, compared to income from continuing operations of $149.6 million or $1.39 per share in the fourth fiscal quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.

Included in this year's and last year's fourth fiscal quarter income from continuing operations were $0.03 per share of after-tax gains in each quarter related to the sale of used drilling equipment.

Operating revenues for the quarter increased to $864.5 million from last year's $829.4 million. Fourteen analysts estimated revenues of $845.85 million for the quarter.

The company also announced that it has entered into agreements with three exploration and production companies to build and operate six 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.

In the international land segment, the Company expects total revenue days during the first fiscal quarter to decline by approximately 10% and the average rig margin per day to be relatively flat as compared to the prior quarter.

In the U.S. land segment, the Company expects average rig revenue per day during the first quarter to decline by less than 1% as compared to the fourth fiscal quarter of 2013 (excluding early termination and delay revenues).

The Company's current capital expenditures estimate for fiscal 2014 is $850 million. This assumes a continued new build cadence of two rigs per month through the end of the fiscal year.