Halliburton Earnings: Oil Services Continue to Boom
S&P 500 (NYSE:SPY) component Halliburton Company (NYSE: HAL) reported higher profit for the first quarter as revenue showed growth. Halliburton Company provides oilfield technologies and services to upstream oil and gas customers worldwide.
Halliburton Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the oil and gas equipment and services company rose to $511 million (56 cents/share) vs. $206 million (23 cents/share) YoY. A more than twofold rise from the year earlier quarter.
Revenue: Rose 40.4% to $5.28 billion YoY.
Actual vs. Wall St. Expectations: HAL fell short of the mean analyst estimate of 57 cents/share. Estimates ranged from 53 cents per share to 64 cents per share.
Quoting Management: “I am extremely pleased with our Q1 results, as overall revenue in the first quarter set a company record of $5.3 billion. North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality,” said Dave Lesar, chairman, president and chief executive officer.
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 149% and in the third quarter of the last fiscal year, the figure rose 107.6%.
Competitors to Watch: Baker Hughes Incorporated (BHI), Schlumberger Limited (SLB), Weatherford International Ltd. (NYSE:WFT), Complete Production Services, Inc. (NYSE:CPX), National-Oilwell Varco, Inc. (NYSE:NOV), and Technip (TKPP).
Today’s Performance: Shares of HAL are up to $47.99 pre-market after closing last week at $46.82.