(RTTNews) - Contract driller of oil and gas wells Helmerich & Payne, Inc. (HP: News ) reported Thursday a 59% year-over-year drop in profit for the fourth quarter, hurt by a significant drop in quarterly revenues amid sharply lower rig utilization across operating segments.

Fourth Quarter Results

The Tulsa, Oklahoma-based company reported net income of $51.49 million or $0.48 per share for the fourth quarter, lower than $126.49 million or $1.18 per share in the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.44 per share for the fourth quarter. Analysts' estimates typically exclude special items.

The results for the latest quarter include after gains from non-operating items of $0.01 per share, while the year-ago quarter results included $0.05 per share of the same gains. Non-operating items include gains on the sales of investment securities, gains from involuntary conversion of long-lived assets, and income from asset sales.

Total operating revenues for the quarter plunged to $362.22 million from $583.72 million in the same quarter last year, and missed nine Wall Street analysts' consensus estimate of $367.83 million.
Segmental Details

Operating revenues from U.S. land drilling for the fourth quarter plunged to $269.09 million from $437.38 million in the year-ago quarter. Segment operating income dropped to $90.14 million from $158.72 million last year, primarily due to significantly lower activity levels in the U.S. land drilling market. Average rig revenue per day increased to $25,895 from $25,034 a year ago. Rig utilization was 55%, sharply down from 98% in last year's fourth quarter.

Offshore drilling operating revenues for the quarter totaled $47.28 million, down from $50.08 million in the prior-year quarter. Segment operating income declined to $12.02 million from $13.66 million last year. Average rig revenue per day decreased to $47,547 from $52,452 a year ago. Rig utilization for the company's nine platform rigs was 78%, down from 89% last year.

Operating revenues for international land drilling more than halved to $43.10 million from $93.30 million in the same quarter last year. Segment operating loss was $6.25 million, compared to operating income of $18.57 million last year. Average rig revenue per day decreased to $29,406 from $37,691 a year ago. Rig utilization was 41%, sharply lower than 97% last year, unfavorably impacted by five idle rigs in the U.S. used for international bidding.

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