Helmerich & Payne, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported operating revenues of $564,087,000 compared to $368,590,000 a year ago. Operating income was $3,520,000 compared to operating loss of $49,164,000 a year ago. Income from continuing operations before income taxes was $1,000 compared to loss from continuing operations before income taxes of $52,842,000 a year ago. Net income was $500,106,000 or $4.55 per diluted share compared to net loss of $35,063,000 or $0.33 per diluted share a year ago. Net cash provided by operating activities was $72,215,000 compared to $74,371,000 a year ago. Capital expenditures were $91,698,000 compared to $82,127,000 a year ago.

The company's fiscal 2018 capital expenditures are now expected to be approximately $350 million, up from original estimate of $250 to $300 million.