Helmerich & Payne, Inc. provided financial guidance for fiscal 2013. The company has increased its capital spending estimate for fiscal 2013 to $850 million. Approximately 60% of this total is related to its new build program, 25% to maintenance CapEx, and the remainder to tubulars and other special projects. Depreciation estimate for the year remains at $450 million. Interest expense estimate, which is net of capitalized interest, also remains at approximately $5 million during fiscal 2013. Tax rate for continuing operations for the first six months of the fiscal year was approximately 35% and is expected to remain at that level during the remaining two quarters of the fiscal year.

Helmerich & Payne Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported income from continuing operations of $151,067,000 or $1.39 per diluted share from operating revenues of $838,309,000, compared to $129,763,000 or $1.18 per diluted share from operating revenues of $769,982,000 a year ago. Net income was $151,080,000 or $1.39 per diluted share compared to net income of $129,719,000 or $1.18 per diluted share a year ago. Operating income was $232,920,000 compared to $207,025,000 a year ago. Income from continuing operations before income taxes was $232,152,000 compared to $204,918,000 a year ago. For the six months, the company reported income from continuing operations of $310,678,000 or $2.87 per diluted share from operating revenues of $838,309,000, compared to $274,060,000 or $2.51 per diluted share from operating revenues of $769,982,000 a year ago. Net income was $310,683,000 or $2.87 per diluted share compared to net income of $274,005,000 or $2.51 per diluted share a year ago. Operating income was $473,467,000 compared to $437,564,000 a year ago. Income from continuing operations before income taxes was $478,485,000 compared to $433,353,000 a year ago. Net cash provided by operating activities was $494,313,000 compared to $438,822,000 a year ago. Capital expenditures were $438,473,000 compared to $492,701,000 a year ago.

Helmerich & Payne, Inc., Q2 2013 Earnings Call, Apr 25, 2013