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Jan. 21, 2020, 6:59 a.m. EST

Halliburton swings to $1.7 billion loss, but stock surges as adjusted profit beats expectations

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By Tomi Kilgore

Shares of Halliburton Co. /zigman2/quotes/210488727/lastsale HAL -3.65% surged 2.3% in premarket trading Tuesday, after the oil services company reported a fourth-quarter adjusted profit and revenue that fell from a year ago, but beat expectations. The company swung to a net loss of $1.65 billion, or $1.88 a share, from a profit of $664 million, or 76 cents a share, in the year-ago period. Excluding non-recurring items, such as a $2.2 billion impairment charge to adjust its cost structure to market conditions, adjusted earnings per share came to 32 cents, above the FactSet consensus of 29 cents. Revenue fell 6% to $5.19 billion, beating the FactSet consensus of $5.13 billion. Completion and production revenue decreased 13% to $3.06 billion, just shy of the FactSet consensus of $3.07 billion, while drilling and evaluation revenue rose 4% to $2.13 billion, to beat expectations of $2.08 billion. North America revenue fell 21% from the sequential third quarter to $2.3 billion, due primarily to reduced activity and pricing of land, primarily associated with pressure pumping and well construction. The stock has climbed 22.2% over the past three months through Friday, while the VanEck Vectors Oil Services ETF /zigman2/quotes/207596637/lastsale OIH -6.47% has rallied 10.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -4.41% has advanced 10.7%.

/zigman2/quotes/210488727/lastsale
US : U.S.: NYSE
$ 6.60
-0.25 -3.65%
Volume: 27.20M
April 1, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
10.91%
Market Cap
$6.03 billion
Rev. per Employee
$399,917
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/zigman2/quotes/207596637/lastsale
US : U.S.: NYSE Arca
$ 3.76
-0.26 -6.47%
Volume: 7.70M
April 1, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,470.50
-114.09 -4.41%
Volume: 3.67B
April 1, 2020 5:09p
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