Helmerich & Payne Beats Estimates (HP)

Tulsa, Oklahoma based Helmerich & Payne Inc. HP announced on Thursday morning that it beat consensus Wall Street estimates. Helmerich & Payne Inc reported that it's 4th quarter net income rose to $83 million, or 78 cents per share, from $51.5 million, or 49 cents per share, a year earlier. The company's income from continuing operations came in at 77 cents per share. The company's revenue rose to $558.96 million, down from $358.28 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 70 cents per share, on revenue of $509.78 million. President and CEO Hans Helmerich said, “While industry rig counts in the U.S. land sector have exceeded most expectations in 2010, they are currently still about 20% below the previous cyclical peak. Notably, we have surpassed our previous record during that peak and now have the highest level of activity in the ninety-year history of the Company. Today, we announced contracts for four new build FlexRigs in addition to the 19 announced earlier this year. With over 200 H&P-designed and built FlexRigs over the last 12 years, and with well over 700 rig years of FlexRig operating experience, our ability to build a better rig for less, and to attain a higher dayrate and margin for that rig, remains unmatched.” Helmerich & Payne Inc. (HP) closed the previous trading day at $45.33 per share. Analysts covering the company's stock give it a consensus price target of $49.13 per share. Read more from Benzinga's Company news.