Helmerich & Payne sees earnings below expectations

<br>TULSA, Okla. (Dow Jones/AP) _ Inc. said Thursday it projects earnings for its next fiscal year, ending Sept. 30, 2003, to come in well below expectations. <br><br>The Tulsa-based energy company said

Thursday, September 5th 2002, 12:00 am

By: News On 6

TULSA, Okla. (Dow Jones/AP) _ Inc. said Thursday it projects earnings for its next fiscal year, ending Sept. 30, 2003, to come in well below expectations.

The Tulsa-based energy company said it expects earnings of 90 cents to $1 a share. The average estimate of seven analysts surveyed by Thomson First Call was $1.77.

Helmerich & Payne said earnings before interest, tax, depreciation and amortization, or EBITDA, could range from $3.20 to $3.35 a share.

Helmerich & Payne said the 2003 projections assume that U.S. land rig revenue per day will not increase ``appreciably'' until the third quarter when revenue per day is expected to average $13,000. During the fourth quarter revenue per day will increase to an average of $14,000.

The company said its projection also assumes an improvement in offshore platform rig utilization during the third and fourth fiscal quarters.

Utilization is expected to rise from 50 percent in the first two quarters to 60 percent in the third quarter and 66 percent in the fourth quarter. Average revenue per day is estimated to remain flat.

In the company's international operations, utilization is expected to be flat during the first half of the year and rise in the third and fourth periods, averaging 49 percent for 2003.

If industry and company results don't improve from current levels, Helmerich & Payne said its earnings will be closer to 60 cents a share for fiscal 2003.

In fiscal 2001, the company earned $144.3 million, or $2.84 a diluted share, on revenue of $826.9 million.