Halliburton Reduced Net Profit in the First Quarter by 7%
American oilfield services company Halliburton Co. reduced net profit in the first quarter by 7%, although revenue grew by 2%.
As stated in the company’s press release, its net profit in January-March amounted to $606 million compared to $651 million for the same period the previous year. Earnings per share fell to $0.68 from $0.72 a year earlier.
Earnings excluding one-time factors were $0.76 per share, exceeding the average forecast of analysts surveyed by FactSet of $0.74 per share.
Halliburton’s quarterly revenue increased to $5.8 billion from $5.68 billion a year earlier (market forecast – $5.67 billion).
Revenue in the segment of equipment for wells and their services (Completion and Production) decreased in the first quarter by 1% to $3.37 billion, in the segment of assessment of reserves and well drilling (Drilling and Evaluation) – by 7% to $2.43 billion.
The company’s revenue from operations in North America in January-March decreased by 8% to $2.55 billion.
During the reporting period, it repurchased its shares for approximately $250 million.
Halliburton shares added 0.9% in pre-market trading on Tuesday.
