Halliburton Revenue Rises, Bolstered by North American Market -- Earnings Review

   By Cara Lombardo 
 

Halliburton Co. (HAL) shares rose 1.1% to $53.60 in premarket trading after the company reported its fourth-quarter earnings Monday. Here's what you need to know:

EARNINGS: The oil-field services company reported a loss of $824 million, or 94 cents a share, due to charges related to the recently enacted tax law and issues with a late-paying customer. Excluding the impact of the new tax law and one-time items, the company earned $462 million, or 53 cents a share. Analysts polled by Thomson Reuters had expected adjusted earnings of $403 million, or 46 cents a share.

REVENUE: Revenue jumped 9% to $5.9 billion, more than the $5.6 billion analysts expected.

TAX LAW IMPACT: Halliburton's fourth-quarter results included $882 million of charges following a preliminary evaluation of the tax law's impact on its operations.

RECEIVABLES: Halliburton took a $385 million charge during the quarter to adjust the value of Venezuelan receivables and add a full reserve against other accounts receivable with the late-paying customer. The company said it will continue to vigorously pursue collections.

OUTLOOK: Chief Executive Jeff Miller said in prepared remarks that the company is benefiting from a growing North America market and improving international outlook. "I am optimistic about what I see in 2018," he said. "Commodity prices are supportive of increasing activity in North America and I am encouraged by the increase in tender activity and the positive discussions we are having with our international customers."

Write to Cara Lombardo at [e-mail]

(END) Dow Jones Newswires

January 22, 2018 07:39 ET (12:39 GMT)

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