Halliburton Company (NYSE: HAL) reported better-than-expected revenue and earnings for the fourth quarter of 2019. Shares were up 1.9% in premarket hours on Tuesday.
Total revenue of $5.2 billion was down 11% from the same period a year ago but came ahead of estimates of $5.11 billion.
The company reported a net loss of $1.6 billion, or $1.88 per share in the quarter, compared to a net income of $664 million, or $0.76 per share, last year, mainly due to a $2.2 billion impairment charge associated with cost structure adjustments. Adjusted EPS totaled $0.32, beating forecasts of $0.29.
CEO Jeff Miller stated, “In 2020, we expect our international growth to continue. Increased activity, disciplined capital allocation, pricing improvements, and our ability to compete for a larger share of high-margin services should lead to improvement in our international margins in 2020.”
Completion and Production revenue fell 13% sequentially to $3.1 billion due mainly to reduced activity and pricing in multiple product service lines in North America land and reduced stimulation services in Latin America.
Drilling and Evaluation revenue increased 4% sequentially, driven by increased activity in all product service lines in Middle East/Asia, along with increased drilling activity in Europe/Africa/CIS and year-end software sales globally.
Revenue in North America dropped 21% sequentially, mainly due to reduced activity and pricing in North America land. International revenue rose 10% sequentially, helped by increased activity in multiple product service lines in Middle East/Asia and increased well construction activity in the North Sea.
Revenue in Latin America fell 2% sequentially while revenue in the Europe/Africa/CIS and Middle East/Asia regions grew 6% and 19%, respectively.
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After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed