UPDATE 1-Helmerich & Payne Q3 results beat Street view
(Recasts; adds details; share price)
July 31 (Reuters) - Contract drilling company Helmerich & Payne Inc's (HP.N) third-quarter results topped analysts' expectations, helped by higher revenue at its U.S. land and offshore drilling segments.
The company reported net income of $125.4 million, or $1.18 a share, compared with $115.2 million, or $1.09 a share, a year ago.
Third-quarter earnings included gains of 9 cents related to sales of portfolio securities and 4 cents a share related to sales of drilling equipment and insurance settlements, and a charge of 7 cents related to R&D write-offs. The company, which operates land and offshore platform rigs for bigger companies like BP Plc (BP.L), Venezuela state oil company PDVSA and Marathon Oil Corp (MRO.N), said revenue rose 24 percent to $522.5 million.
Analysts on average, were expecting earnings, before special items, of $1.03 a share, on revenue of $510.6 million, according to Reuters Estimates.
Shares of the Tulsa, Oklahoma-based company closed at $61.20 Wednesday on the New York Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Jarshad Kakkrakandy)
