HAL - Halliburton edges Q1 earnings estimates but shares drop from 52-week high

Halliburton (NYSE:HAL) -2.5% pre-market after Q1 adjusted EPS topped Wall Street estimates by a penny, but expectations ahead of the report were running high, as shares hit a 52-week high $42.25 on Monday. Q1 net income climbed to $263M, or $0.29/share, from $170M, or $0.19/share, in the year-ago quarter, while revenues rose 24% Y/Y to $4.28B and operating income jumped 44% to $511M. Halliburton (HAL) recorded a $22M pre-tax charge in the quarter for the writedown of its assets in Ukraine due to the Russian invasion. Q1 Completion and Production revenues rose 26% Y/Y to $2.35B, while Drilling and Evaluation revenues increased 22% to $1.93B; revenues by region, North America +37% Y/Y to $1.93B, Middle East and Asia +17% to $1.03B, Europe/Africa/CIS +7% to $677M, and Latin America +22% to $653M. The company said Drilling and Evaluation margin topped 15% in the first quarter for the first time since 2010.

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Halliburton edges Q1 earnings estimates but shares drop from 52-week high