Contract driller Helmerich & Payne Inc. said Thursday its fiscal 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.
Analysts surveyed by Thomson Reuters expected earnings of 43 cents per share on revenue of $367.8 million.
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, Okla., 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.
Shares fell 59 cents to $37.59 in midday trading.