Halliburton (HAL) Reports In-Line Q1 EPS

April 23, 2018 6:46 AM EDT

Halliburton (NYSE: HAL) reported Q1 EPS of $0.41, in-line with the analyst estimate of $0.41. Revenue for the quarter came in at $5.7 billion versus the consensus estimate of $5.75 billion.

“We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the first quarter of 2017. Adjusted operating income was $619 million, primarily driven by robust market conditions in North America,” remarked Jeff Miller, President and CEO.

“Our Completions and Production division was negatively impacted by delays in sand delivery, due to weather related rail interruptions during the quarter, but achieved a strong March exit with margins in the mid-upper teens. Our Drilling and Evaluations division had strong year over year revenue growth of 15% while operating income grew 54%.

“I am very pleased with the way our North America business exited the quarter. Activity in U.S. land remains resilient as our customers have a large portfolio of economically viable projects in today’s commodity price environment. As a result of the improved activity in U.S. land, in March we achieved a new record for stages per spread as the pressure pumping market remains tight. Our North America business exited the quarter in a strong position and I am confident in our ability to reach normalized margins in North America this year.

“Turning to the international markets, Halliburton has never been better positioned for a recovery than it is today. I am confident in the strength and performance our business will demonstrate as the international recovery unfolds.

“Overall, I am optimistic about Halliburton’s relative performance for the remainder of the year, and our ability to grow our North America margins and to maximize the value of our global footprint. We are executing our strategy, it is working well and it resonates with our customers. Our strategy is delivering industry leading returns and I am confident that it will continue to do so,” concluded Miller.

For earnings history and earnings-related data on Halliburton (HAL) click here.

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