Halliburton Q1 Profit Matches Estimates; Revenue Up 34% - Quick Facts

(RTTNews) - Halliburton Company (HAL) reported adjusted income from continuing operations for the first quarter of 2018, excluding impairments and other charges related to a write-down of all of the remaining investment in Venezuela, of $358 million, or $0.41 per share. This is compared to adjusted income from continuing operations for the first quarter of 2017, excluding costs related to an early extinguishment of debt, of $34 million, or $0.04 per share. On average, 30 analysts polled by Thomson Reuters expected the company to report profit per share of $0.41 for the quarter. Analysts' estimates typically exclude special items.

Total company revenue was $5.74 billion, representing a 34% increase compared to the first quarter of 2017. Analysts expected revenue of $5.75 billion, for the quarter. Completion and Production revenue was $3.8 billion, an increase of 46%, from the first quarter of 2017. Drilling and Evaluation revenue was $1.9 billion, an increase of 15%, from the first quarter of 2017.

Jeff Miller, President and CEO, said: "Our Completions and Production division was negatively impacted by delays in sand delivery, due to weather related rail interruptions during the quarter, but achieved a strong March exit with margins in the mid-upper teens. Our Drilling and Evaluations division had strong year over year revenue growth of 15% while operating income grew 54%."