Halliburton Revenue Rises, Bolstered by North American Market -- Earnings Review
January 22 2018 - 7:54AM
Dow Jones News
By Cara Lombardo
Halliburton Co. (HAL) shares rose 1.1% to $53.60 in premarket
trading after the company reported its fourth-quarter earnings
Monday. Here's what you need to know:
EARNINGS: The oil-field services company reported a loss of $824
million, or 94 cents a share, due to charges related to the
recently enacted tax law and issues with a late-paying customer.
Excluding the impact of the new tax law and one-time items, the
company earned $462 million, or 53 cents a share. Analysts polled
by Thomson Reuters had expected adjusted earnings of $403 million,
or 46 cents a share.
REVENUE: Revenue jumped 9% to $5.9 billion, more than the $5.6
billion analysts expected.
TAX LAW IMPACT: Halliburton's fourth-quarter results included
$882 million of charges following a preliminary evaluation of the
tax law's impact on its operations.
RECEIVABLES: Halliburton took a $385 million charge during the
quarter to adjust the value of Venezuelan receivables and add a
full reserve against other accounts receivable with the late-paying
customer. The company said it will continue to vigorously pursue
collections.
OUTLOOK: Chief Executive Jeff Miller said in prepared remarks
that the company is benefiting from a growing North America market
and improving international outlook. "I am optimistic about what I
see in 2018," he said. "Commodity prices are supportive of
increasing activity in North America and I am encouraged by the
increase in tender activity and the positive discussions we are
having with our international customers."
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
January 22, 2018 07:39 ET (12:39 GMT)
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