Yahoo Finance Halliburton Co (HAL) Q1 2024 Earnings: Aligns with EPS Projections, Surpasses Revenue Estimates
Reported Earnings Per Share (EPS): $0.68, falling short of the estimated $0.74.
Adjusted EPS: $0.76, exceeding the estimated $0.74.
Revenue: $5.8 billion, surpassing the estimated $5.668 billion.
Net Income: $606 million, below the estimated $671.23 million.
Free Cash Flow: Reported $206 million for the quarter.
Stock Repurchase: Repurchased approximately $250 million of common stock during the quarter.
Dividend: Paid dividends of $0.17 per share.
On April 23, 2024, Halliburton Co (NYSE:HAL) released its 8-K filing, announcing financial results for the first quarter of 2024. The company reported a net income of $606 million, translating to $0.68 per diluted share, and an adjusted net income of $679 million, or $0.76 per diluted share. These figures align closely with analyst expectations which estimated earnings per share at $0.74. Halliburton's revenue for the quarter stood at $5.8 billion, exceeding the forecast of $5.668 billion, marking a 2% increase year-over-year.
Halliburton, a global leader in the oilfield services sector, continues to demonstrate its robust market presence and operational excellence. With a primary focus on completion fluids, wireline services, cementing, and pressure pumping, Halliburton has established itself as a pivotal entity in the energy industry, particularly in North America.
Operational Highlights and Strategic Achievements
The first quarter saw varied performance across Halliburton's segments. The Completion and Production segment experienced a slight revenue decline to $3.4 billion, yet operating income in this segment grew by 3% to $688 million, driven by higher sales in completion tools and improved activity in artificial lift and cementing services. Conversely, the Drilling and Evaluation segment reported a revenue increase of 7% to $2.4 billion, with operating income also up by 8% to $398 million, primarily due to enhanced drilling services in the Middle East and North America.
Geographically, Halliburton's revenue from North America decreased by 8%, affected by reduced pressure pumping services. However, international revenues painted a more positive picture, with a notable 12% increase, led by strong performances in Latin America and the Middle East/Asia regions.
Financial Health and Shareholder Returns
Halliburton's commitment to shareholder returns remained evident with the repurchase of approximately $250 million of its common stock. The company also reported a robust operating cash flow of $487 million and a free cash flow of $206 million for the quarter.
Chairman, President, and CEO Jeff Miller expressed confidence in the company's strategy and execution, citing the recovery of activity in North America and sustained growth in international markets. Miller's positive outlook is supported by the multi-year activity plans of Halliburton's customers, indicating a strong upcycle in the industry.
Innovative Advancements and Future Outlook
Halliburton also highlighted its ongoing innovation and expansion in technology and services. Notable advancements include the introduction of the Reservoir Xaminer, a formation testing service, and the CorrosaLock cement system, enhancing the company's capabilities in carbon capture and storage.
The company's strategic initiatives and robust financial performance position it well for sustained growth. With a clear focus on enhancing shareholder value and driving technological advancements, Halliburton continues to adapt to the dynamic energy landscape, promising a positive trajectory in the upcoming quarters.
For further details on Halliburton's financial performance and strategic initiatives, stakeholders and interested parties are encouraged to view the full earnings release and join the upcoming conference call.
###CONTACTSInvestors Relations ContactDavid ColemanInvestors@Halliburton.com281-871-2688Media RelationsVictoria IngallsPR@Halliburton.com281-871-2601
Explore the complete 8-K earnings release (here) from Halliburton Co for further details.
This article first appeared on GuruFocus.
