HP has a kick ass first quarter and provides some guidance for fiscal 2001:
biz.yahoo.com
Reuters recap:
biz.yahoo.com
Thursday January 25, 11:32 am Eastern Time
Helmerich profits rise, sees Q2 EPS of 80-85 cents
TULSA, Okla., Jan 25 (Reuters) - Oil and gas drilling contractor Helmerich & Payne Inc.(NYSE:HP - news) said on Thursday first-quarter operating profits rose about 65 percent, beating estimates, driven by a dramatic rise in crude oil and gas prices.
Helmerich said it expected second-quarter profits of 80 to 85 cents a share, and year 2001 earnings of $2.80 to $3.00 a share, based on natural gas futures and dependent on commodity price volatility and production levels.
The Tulsa, Okla.-based company reported earnings of $33.8 million, or 67 cents a share, in the first quarter compared to $20.5 million, or 41 cents, in the year-ago period which included gains of about $6.3 million, or 13 cents, related to a dividend payment and the conversion of common stock.
Analysts, on average, expected profits of 61 cents, according to research firm First Call/Thomson Financial Corp. last year.
Revenues were up about 29 percent to $192.5 million from $149.6 million in the year ago, despite a 6 percent drop in natural gas production. |
