Halliburton posts $622M profit in the first quarter

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Halliburton Co. said on Monday that it posted a profit in the first quarter after a loss in the same period last year when it was hit by a huge charge. The company’s earnings and revenues surpassed analysts’ estimates.

First-quarter net income for the oilfield services provider was $622mn or $0.73 a share from a loss of $18mn or $0.02 a share in the year-earlier period.

In the latest quarter, income from continuing operations attributable to the company stood at $623mn or $0.73 a share, from a loss in continuing operations of $13mn or $0.01 a share from a year ago.

Excluding a charge to increase a reserve linked to the Macondo litigation, last year’s income from continuing operations stood at $624mn or $0.67 a share.

A poll of 34 analysts forecast average per-share earnings of $0.71 a share for the latest quarter. Analysts’ estimates typically exclude special items.

Total revenue rose to $7.35bn from $6.97bn in the year-earlier period. Analysts forecast revenues of $7.24bn in the period.

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