Helmerich & Payne's third quarter revenue beats on North America strength, but adjusted EPS misses estimates.

Helmerich & Payne reported third quarter revenue of $1.035 billion and GAAP earnings per share of $0.74. On an adjusted basis, the company posted a loss of $(0.11) per share, missing consensus estimates for an $0.11 profit, as the GAAP figure includes a significant gain from a real estate sale.

Key Highlights

• Revenue of $1.035 billion exceeded the consensus estimate of $987.7 million, driven by strong performance in the North America Solutions segment.
• The North America Solutions average active rig count was 142 for the quarter, beating the consensus of 140 and landing at the high end of the company's 137-143 rig guidance.
• North America Solutions direct margins expanded sequentially by more than $1,000 per day to $18,669, reflecting solid execution and demand from private operators.