Halliburton Hits 1Q Estimates -- Earnings Review

   By Cara Lombardo 
 

Halliburton Co. (HAL) reported its first-quarter earnings Monday. Here's what you need to know:

EARNINGS: The oil-field services company reported a profit of $46 million, or 5 cents a share. On an adjusted basis, the company earned 41 cents a share, matching what analysts polled by Thomson Reuters expected.

REVENUE: Revenue jumped 34% to $5.74 billion, which is what analysts expected. Completion and production revenue increased 46% to $3.8 billion while drilling and evaluation revenue increased 15% to $1.9 billion.

GEOGRAPHIC REGIONS: North America revenue jumped 58% from a year ago to $3.5 billion, while international revenue increased 9% to $2.2 billion. Revenue increased in the Europe/Africa/CIS and Middle East/Asia segments while it decreased slightly in Latin America.

VENEZUELA: Halliburton wrote down all of its remaining investment in Venezuela during the first quarter of 2018, citing recent changes in the foreign currency exchange system in Venezuela, continued devaluation of the local currency, U.S. sanctions and other challenges. The action resulted in a net charge of $312 million.

COMMENT: "Activity in U.S. land remains resilient as our customers have a large portfolio of economically viable projects in today's commodity price environment," Chief Executive Jeff Miller said in a statement. When it comes to international markets, he added that Halliburton has "never been better positioned for a recovery that it is today."

Write to Cara Lombardo at [e-mail]

(END) Dow Jones Newswires

April 23, 2018 07:29 ET (11:29 GMT)

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