Free Research Report as Halliburton’s Quarterly Revenue Surged 34%; Adjusted EPS Rocketed 925%
Stock Monitor: Core Laboratories Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 07, 2018 / If you want access to our free earnings report on Halliburton Co. (NYSE: HAL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HAL. Halliburton reported its first quarter fiscal 2018 operating and financial results on April 23, 2018. The provider of drilling services to oil and gas operators' earnings were in-line with market estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter 2018, Halliburton's revenue was $5.74 billion, surging 34% compared to revenue of $4.28 billion in Q1 2017. The Company's reported numbers fell short of analysts' estimates of $5.76 billion.
Halliburton reported operating income of $354 million during Q1 2018 compared to operating income of $203 million in Q1 2017. Excluding impairments and other charges, the Company's adjusted operating income for the reported quarter was $619 million.
Halliburton reported income from continuing operations of $46 million, or $0.05 per diluted share, for Q1 2018 compared to a loss from continuing operations of $32 million, or $0.04 per diluted share, for Q1 2017.
Halliburton's adjusted income from continuing operations for Q1 2018, excluding impairments and other charges related to a write-down of all of the Company's remaining investment in Venezuela, was $358 million, or $0.41 per diluted share. This compared to adjusted income from continuing operations for Q1 2017, excluding costs related to an early extinguishment of debt of $34 million, or $0.04 per diluted share. Halliburton's earnings matched Wall Street's estimates of $0.41 per share.
Halliburton's Operating Segment Results
During Q1 2018, the Completion and Production segment's revenue soared 46% to $3.81 billion on a y-o-y basis compared to $2.60 billion in Q1 2017, while operating income tripled to $500 million. Improvements were led by increased activity in the United States land sector. Additionally, results improved due to increased well completion services in Europe/Africa/CIS and higher stimulation activity in the Middle-East.
For Q1 2018, the Drilling and Evaluation segment's revenue totaled $1.93 billion, up 15% from revenue of $1.68 billion in Q1 2017, while its operating income advanced 54% to $188 million on a y-o-y basis. These increases were primarily due to increased drilling activity in North America and the Eastern Hemisphere, specifically in the North Sea.
Halliburton's Geographic Regions
During Q1 2018, the North America revenue surged 58% on a y-o-y basis to $3.5 billion, driven by increased activity throughout the United States land sector in the majority of Halliburton's product service lines, primarily pressure pumping as well as higher drilling and artificial lift activity.
For Q1 2018, the International revenue was $2.2 billion, reflecting a 9% increase on a y-o-y basis, resulting primarily from increased drilling activity and pressure pumping services in the Eastern Hemisphere as well as pressure pumping activity in Argentina.
The Latin America revenue was $457 million in Q1 2018, down 1% compared to the year ago same period, due to activity declines across multiple product service lines in Venezuela as well as decreases in pressure pumping and project management activity in Mexico.
The Europe/Africa/CIS revenue advanced 19% to $716 million in Q1 2018, mainly due to higher drilling activity and well completion services in the North Sea, coupled with increased activity in Russia and Azerbaijan. The Company's Middle East/Asia revenue in the reported quarter was $1.1 billion, largely resulting from increased drilling and stimulation activity in the Middle East and increased drilling activity in Indonesia.
Cash Matters
Halliburton's cash flow from operations during Q1 2018 was $572 million with capital expenditures of $501 million ending the quarter with a cash balance of approximately $2.3 billion. For the full year 2018, the Company is expecting CapEx spend to be approximately $2 billion.
Outlook
In Q2 2018, Halliburton is forecasting Drilling and Evaluation division revenue and margin to be similar to Q1 2018, primarily due to continued pricing pressure in the international market offsetting activity increases. In Completion and Production division, the Company is projecting strong revenue and margin growth driven by the strengthening North America market.
Stock Performance Snapshot
May 04, 2018 - At Friday's closing bell, Halliburton's stock slightly dropped 0.23%, ending the trading session at $52.19.
Volume traded for the day: 6.25 million shares.
Stock performance in the last month – up 9.46%; previous six-month period – up 21.23%; past twelve-month period – up 17.02%; and year-to-date – up 6.79%
After last Friday's close, Halliburton's market cap was at $46.11 billion.
Price to Earnings (P/E) ratio was at 112.72.
The stock has a dividend yield of 1.38%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was up 0.7% at the end of the session.
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