Halliburton Company (NYSE:HAL) reported first quarter financial results that saw revenue grow 32.5% on a year-over-year basis thanks to strong demand and pricing, helping the company easily top Wall Street estimates.
For the period ending March 31, 2023, the Houston-based oil services company posted earnings of $0.72 per share on revenue of $5.7 billion. The consensus earnings estimate was $0.67 per share on revenue of $5.5 billion.
The company reported that drilling and evaluation revenue in the quarter was $2.3 billion, an increase of $337 million, or 17%, compared to the same period in 2022.
“Total company revenue increased 33% and operating income grew 91% compared to the first quarter of 2022. Both of our divisions delivered strong margin performance,” Halliburton CEO Jeff Miller said in a statement.
“My Halliburton outlook — for both the current year and the long-term — is strong. We hear it from our customers, and we see it in our first quarter results. Our customers are clearly motivated to produce more oil and gas and service capacity is tight.”
Despite the impressive results, Halliburton shares fell 3.6% to $33.21 on a day that the market was broadly in the red.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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