Helmerich & Payne Exceeds EPS Expectations, Misses on Revenue in Fiscal Q1
TULSA, Okla., May 25, 2023 (GLOBE NEWSWIRE) -- Helmerich & Payne Inc. (HP) today reported net income of $54.8 million for the first quarter of fiscal 2023.
Financial Highlights:
* EPS: $0.54, outperforming the Zacks consensus estimate of $0.69
* Adjusted EPS: $0.71
* Revenue: $677.3 million, below the Zacks consensus estimate of $691.4 million
Business Performance:
The oil and gas well-drilling contractor attributed its strong EPS performance to operational efficiency and cost management. Despite the revenue shortfall, Helmerich & Payne remained optimistic about the industry outlook and its ability to generate long-term value for shareholders.
Analyst Commentary:
Analysts praised Helmerich & Payne's earnings beat but expressed concerns over the missed revenue target. They noted that the company faces challenges in a highly competitive market but remain positive about its growth prospects.
Stock Market Reaction:
The stock price of HP rose slightly following the earnings release, reflecting investors' mixed reaction to the results.
About Helmerich & Payne:
Helmerich & Payne is a leading provider of drilling services to the oil and gas industry. Headquartered in Tulsa, Oklahoma, the company operates in various basins throughout the United States and internationally.
Disclosure:
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected.