TULSA, Okla. (AP) _ Helmerich & Payne Inc. (HP) on Wednesday reported a loss of $154.7 million in its fiscal third quarter.
The Tulsa, Oklahoma-based company said it had a loss of $1.42 per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 40 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The oil and gas well-drilling contractor posted revenue of $688 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $683 million.
Helmerich & Payne shares have risen 6% since the beginning of the year, while the Standard & Poor's 500 index has increased 20%. In the final minutes of trading on Wednesday, shares hit $50.88, a drop of 14% in the last 12 months.