| Helmerich & Payne expects its Q2 o be impacted by the currency devaluation recently announced by authorities in Venezuela. The company's preliminary estimates regarding the impact of this devaluation on its consolidated financials indicate that it will probably result in an exchange loss of approximately $20M to be recorded in Q2. Not included in this estimate is the decline in value of the uncollected invoices issued since the company changed its revenue recognition to cash basis for its Venezuelan operation. Given that these uncollected invoices are not included in the company's consolidated accounts receivable, their reduction in value is not expected to generate additional exchange losses. Preliminary estimates indicate that the value of future potential collections related to these unrecorded invoices, previously disclosed at approximately $61M, could decline by 25%-35%. :theflyonthewall.com |
