The 10-second takeaway
For the quarter ended March 31 (Q1), Halliburton beat slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew slightly. Non-GAAP earnings per share dropped significantly. GAAP earnings per share dropped to a loss.
Margins shrank across the board.
Halliburton booked revenue of $6.97 billion. The 24 analysts polled by S&P Capital IQ predicted net sales of $6.88 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.67. The 33 earnings estimates compiled by S&P Capital IQ predicted $0.57 per share. Non-GAAP EPS of $0.67 for Q1 were 25% lower than the prior-year quarter's $0.89 per share. (The prior-year quarter included -$0.01 per share in earnings from discontinued operations.) GAAP EPS were -$0.02 for Q1 compared to $0.68 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was -1.4%, much worse than the prior-year quarter. Operating margin was -1.4%, much worse than the prior-year quarter. Net margin was -0.3%, 940 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $7.26 billion. On the bottom line, the average EPS estimate is $0.72.
Next year's average estimate for revenue is $29.62 billion. The average EPS estimate is $3.10.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Halliburton is outperform, with an average price target of $49.50.
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