HAL - Halliburton slips after posting Q1 beat; completion and production sales up 45%
2023-04-25 08:25:39 ET
Halliburton ( NYSE: HAL ) -1% pre-market Tuesday despite reporting better than expected Q1 adjusted earnings and revenues , thanks to a tight services and equipment market and stronger pricing.
Q1 net income surged to $651M, or $0.72/share, from $263M, or $0.29/share, in the year-ago period, while revenues rose by a third to $5.68B.
Q1 North America revenues surged 44% Y/Y to $2.8B, primarily driven by improved stimulation activity and pricing gains, while international revenue improved 23% to $2.9B, including a 40% boost in Latin America to $915M due to stimulation activity in Mexico and Argentina.
By segment, completion and production revenue jumped 45% to $3.4B, driven by increased pressure pumping services and completion tool sales, and drilling and evaluation revenue gained 17% to $2.3B, mostly due to an increase in drilling-related services.
Halliburton ( HAL ) said Q1 results at both units were hurt when compared to a year ago by the sale of its Russian operations during 2022.
The company reported an operating margin of 17.2%, an increase of 530 bps Y/Y.
Rivals Schlumberger and Baker Hughes also reported better than forecast earnings last week.
Halliburton's ( HAL ) stock price return shows an 8.5% decline so far this year and a 2.5% loss during the past 12 months .
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Halliburton slips after posting Q1 beat; completion and production sales up 45%