Helmerich & Payne's
fiscal 2006 first-quarter profit rose by 30%, thanks to better operating performance.
The Tulsa, OKla.-based company reported a profit of $49.09 million, or 93 cents a share, in the quarter compared to $17.75 million, or 35 cents a share, a year ago. Analysts were forecasting 78 cents a share. The general and administrative expense included $2.7 million of pretax stock-based compensation costs.
Revenue increased by 46.2% to $255.39 million, higher than the consensus estimate of $240.28 million. Operating profit margin jumped to 31.3% from 17.7%.
The company said that it has orders from 14 exploration and production companies for 54 new FlexRigs. The total investment is estimated at $609 million.
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