H&P taps profits gusher
US contract driller Helmerich & Payne Inc's third-quarter results topped analysts' expectations, helped by higher revenue at its land and offshore drilling segments.
The company reported net income of $125.4 million, or $1.18 a share, compared with $115.2 million, or $1.09 a share, a year ago.
Third-quarter earnings included gains of 9 cents related to sales of portfolio securities and 4 cents a share related to sales of drilling equipment and insurance settlements, and a charge of 7 cents related to R&D write-offs.
The company said revenue rose 24% to $522.5 million.
Analysts on average, were expecting earnings, before special items, of $1.03 a share, on revenue of $510.6 million, according to Reuters Estimates.