Contract drilling company Helmerich & Payne, Inc. (HP) said Thursday its profit for the first quarter rose to $203 million or $1.85 per share from last year's $173 million or $1.59 per share. The results included about $0.13 of after-tax gains from long-term contract early termination compensation from customers, and $0.02 of after-tax gains related to the sale of used drilling equipment.
On average, 26 analysts polled by Thomson Reuters expected earnings of $1.52 per share for the quarter. Analysts' estimates typically exclude special items.
For the quarter, the company's operating revenues increased to $1.06 billion from $889 million last year, and came in above 17 analysts' expectations of $977.31 million.
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