Helmerich & Payne 4Q Profit Tumbles

Contract driller Helmerich & Payne Inc. reports its fourth-quarter profit fell 59 percent due primarily to a drop in the U.S. land drilling market.
Net income fell to $51.5 million, or 48 cents per share, from $126.5 million, or $1.20 per share, in the fourth quarter of 2008. The results included a gain of 1 cent per share from non-operating items.
Revenue for the quarter ended Sept. 30 was $362.2 million, down 38 percent from $583.7 million in the year-ago period.
For the full year, the Tulsa company said it earned $353.5 million, or $3.32 per share, down 23 percent from $461.7 million, or $4.34 per share, for fiscal 2008. The results included non-operating after-tax income of 4 cents per share.
Revenue of $1.89 billion was down 7 percent from $2.04 billion last year.
Helmerich & Payne said rig utilization for its U.S. land segment was 55 percent for the quarter, compared with 98 percent in the fourth quarter of fiscal 2008.



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