Revenue during the quarter dropped 24.45 percent to $368.59 million from $487.85 million in the previous year period. Operating margin for the quarter stood at negative 13.34 percent as compared to a positive 7.93 percent for the previous year period.

Operating loss for the quarter was $49.16 million, compared with an operating income of $38.67 million in the previous year period.

John Lindsay president and chief executive officer commented, "The outlook has been improving in the U.S. Land drilling market, resulting in a significant increase in the Company's activity levels and market share over the last few months. Spot pricing remains low, although we continue to see some pricing improvements for high quality, high performing AC drive rigs. As reflected in the first quarter results, the rapid pace of the market recovery and our efforts to redeploy additional rigs had an impact on our daily expenses and operating income for the quarter. Although temporary in nature, we expect continued upward pressure on expenses as the ramp-up proceeds and we absorb some up-front costs reactivating more rigs, particularly rigs that were cold stacked during the early stages of the downturn. Nonetheless, we are pleased with our ability to respond to the increasing level of demand and we believe that we are uniquely positioned to continue to gain incremental market share."

For the second-quarter 2017, Helmerich & Payne, Inc. expects revenue to grow in the range of 30 percent to 35 percent.

The company has spent $82.04 million cash to meet investing activities during the quarter as against cash outgo of $110.73 million in the last year period.

The company has spent $68.29 million cash to carry out financing activities during the quarter as against cash outgo of $78.62 million in the last year period.

Cash and cash equivalents stood at $825.89 million as on Dec. 31, 2016, down 2.63 percent or $22.34 million from $848.23 million on Dec. 31, 2015.

Working capital increases
Helmerich & Payne, Inc. has recorded an increase in the working capital over the last year. It stood at $1,158.66 million as at Dec. 31, 2016, up 8.50 percent or $90.77 million from $1,067.89 million on Dec. 31, 2015. Current ratio was at 5.04 as on Dec. 31, 2016, up from 3.61 on Dec. 31, 2015.

Days sales outstanding went down to 56 days for the quarter compared with 78 days for the same period last year.

Debt comes down
Helmerich & Payne, Inc. has recorded a decline in total debt over the last one year. It stood at $492.11 million as on Dec. 31, 2016, down 7.46 percent or $39.65 million from $531.76 million on Dec. 31, 2015. Total debt was 7.37 percent of total assets as on Dec. 31, 2016, compared with 7.46 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.11 as on Dec. 31, 2016, when compared with the last year.