HAL - Halliburton swings to Q1 profit; revenues show quarterly gains

Halliburton (HAL) +2.3% pre-market after swinging to a Q1 profit that topped analyst expectations, even as total revenue tumbled 31% from pre-pandemic year-ago levels to $3.45B, which nevertheless edged consensus estimates.Q1 GAAP earnings totaled $170M, or $0.19/share, compared with losses in Q4 and the year-ago.Q1 revenues in Completion and Production totaled $1.87B, down 37% Y/Y but up 3% Q/Q, and Drilling and Evaluation revenues of $1.58B fell 24% Y/Y but rose 11% Q/Q.North America revenues fell 43% Y/Y but rose 13% Q/Q to $1.4B, while International revenues edged up 2% to $2B."The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery," CEO Jeff Miller says. "I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year."

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Halliburton swings to Q1 profit; revenues show quarterly gains