![Helmerich & Payne, Inc. [HP] reports quarterly net loss of $84.8 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FHP.png&w=1200&q=75)
Helmerich & Payne, Inc. [HP] has reported a net loss of $84.8 million for quarter ended Sep 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $687.9 million
Based in Tulsa, Oklahoma, Helmerich & Payne, Inc. operates in the MINING sector.
In the latest financial report for the quarter ended March 31, 2024, the company reported total operating revenues of $687.9 million, a decrease from the previous year's figure of $769.2 million for the same period. The decrease was primarily driven by lower revenues in drilling services and other operating segments.
Operating costs and expenses for the current quarter totaled $577.4 million, slightly lower than the $594.0 million reported in the previous year. The decrease was mainly attributed to lower operating expenses, excluding depreciation and amortization, and reduced selling, general, and administrative costs.
The company reported a net income of $84.8 million for the current quarter, significantly lower than the net income of $164.0 million reported in the same period last year. The decrease in net income was primarily due to higher depreciation and amortization expenses, as well as lower revenues in key operating segments.
Basic earnings per common share were $0.85 for the current quarter, a decline from $1.55 reported in the previous year. Similarly, diluted earnings per common share also decreased to $0.84 in the current quarter from $1.55 in the same period last year.
Overall, the company's financial performance in the current quarter was impacted by lower revenues and higher expenses compared to the same period last year. Efforts to control costs and improve operational efficiency will be crucial for driving future profitability.
Also Read: