TULSA, Okla. (AP) -- Helmerich & Payne Inc. said Friday that its fiscal third-quarter net income surged 78 percent, mostly due to a large tax gain tied to the sale of investment securities.
But revenue missed Wall Street's expectations, and the stock declined.
For the three months ended June 30, the oil and gas well-drilling contractor earned $266.2 million, or $2.46 per share. That compares with $149.9 million, or $1.38 per share, a year ago.
Earnings from continuing operations were $2.32 per share.
The current quarter included a tax gain of 86 cents per share related to the sale of investment securities and a gain of 2 cents per share tied to the sale of used drilling equipment.
Analysts forecast earnings of $1.34 per share, according to a FactSet.
Operating revenue for the Tulsa, Okla., company increased 3 percent to $840.2 million from $819.8 million. This fell short of the $842.6 million that Wall Street expected.
Shares of Helmerich & Payne fell $1.92, or 2.9 percent, to $64.64 in afternoon trading. The stock has traded in a 52-week range of $43.01 to $69.38.