LONDON, UK / ACCESSWIRE / December 29, 2017 / Active-Investors.com has just released a free earnings report on Helmerich & Payne, Inc. (NYSE: HP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HP. The Company reported its fourth quarter fiscal 2017 operating results on November 16, 2017. The oil and gas well-drilling contractor outperformed top- and bottom-line expectations, and provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below: www.active-investors.com/registration-sg.
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Helmerich & Payne most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below: www.active-investors.com/registration-sg/?symbol=HP.
Earnings Highlights and Summary
Helmerich & Payne’s operating revenues were $532.30 million in Q4 FY17 compared to $331.71 million in Q4 FY16. The Company’s revenue numbers topped analysts’ estimates of $488.2 million.
In Q4 FY17, Helmerich & Payne posted a net loss of $22.53 million, or negative $0.21 per diluted share, compared to a net loss of $72.84 million, or negative $0.68 per diluted share, in Q4 FY16. The Company’s losses, adjusted for non-recurring costs and to account for discontinued operations, totaled negative $0.13 per share, better than Wall Street’s estimates of negative $0.21 per share.
For the fiscal year 2017, Helmerich & Payne reported a net loss of $128.1 million, or $1.20 per diluted share, from operating revenues of $1.80 billion, compared to a net loss of $56.83 million, or $0.54 per diluted share, from operating revenues of $1.62 billion in FY16.
Operating Results
Helmerich & Payne’s US Land contracted rig count increased by 102 rigs to 197 rigs from September 30, 2016, to September 30, 2017, after reactivating 102 FlexRigs while upgrading 91 of those to super-spec capacity. The Company’s quarterly US Land revenue days (activity) increased approximately 6%, while quarterly US Land adjusted average rig margin per day increased approximately 5%.
Helmerich & Payne’s US Land market share increased to 20% as on September 30, 2017, from 15% as on September 30, 2016.
Operating Segment Results
During Q4 FY17, Helmerich & Payne’s US Land Operations segment’s operating loss narrowed by 48% on a q-o-q basis. The favorable change was primarily attributable to an increase in quarterly revenue days and a higher average rig margin per day. The segment’s adjusted average rig revenue per day slightly increased to $21,684, while the average rig expense per day decreased sequentially by $351 to $13,905. The drop in average rig expense per day was mostly attributable to a decline in upfront rig start-up expenses as fewer rigs were reactivated in the reported quarter compared to the prior quarter. The corresponding adjusted average rig margin per day increased by $359 to $7,779 on a q-o-q basis.
For Q4 FY17, Helmerich & Payne’s Offshore Operations fell 22% on a q-o-q basis, primarily as a result of adjustments to self-insurance reserve charges related to management contracts during the reported quarter. Management contracts on customer-owned platform rigs contributed approximately $2.5 million to the segment’s operating income compared to approximately $4.0 million during Q3 FY17. The number of quarterly revenue days on Helmerich & Payne-owned platform rigs decreased sequentially by approximately 10%, and the average rig margin per day increased sequentially by $585 to $12,088.
Cash Matters
Helmerich & Payne’s net cash provided by operating activities was $121 million for the fourth quarter of the fiscal year 2017. As of September 30, 2017, the Company’s cash and cash equivalents totaled $521.38 million compared to $905.56 million for the year ago same period.
Outlook
For the first quarter of the fiscal year 2018, Helmerich & Payne is forecasting US Land Operations segment’s quarterly revenue days to increase by approximately 4% to 5% on a q-o-q basis; average rig revenue per day to be roughly $21,700; and average rig expense per day to be roughly $14,100.
For the Offshore Operations segment, the Company is forecasting quarterly revenue days to decrease by approximately 6% on a q-o-q basis; average rig margin per day to be approximately $13,000; and management contracts to generate $4 million to $5 million in operating income.
Helmerich & Payne’s International Land Operations segment’s adjusted quarterly revenue days is expected to increase by approximately 20% on a q-o-q basis, and average rig margin per day is expected to be roughly $8,000.
Stock Performance Snapshot
December 28, 2017 – At Thursday’s closing bell, Helmerich & Payne’s stock marginally declined 0.23%, ending the trading session at $64.82.
Volume traded for the day: 661.52 thousand shares.
Stock performance in the last month – up 14.79%; previous three-month period – up 23.68%; and past six-month period – up 19.22%
After yesterday’s close, Helmerich & Payne’s market cap was at $6.96 billion.
The stock has a dividend yield of 4.32%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 0.4% at the end of the session.
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