Halliburton Clocks 29.7% Revenue Growth In Q3, Misses Consensus

Halliburton Co (NYSE:HAL) reported third-quarter FY21 revenue growth of 29.7% year-over-year to $3.86 billion, missing the consensus of $3.91 billion.
Completion and Production revenue increased 35.7% Y/Y to $2.14 billion, and the corresponding operating income increased by 51.9% Y/Y to $322 million.
Drilling and Evaluation increased by 23.1% Y/Y to $1.72 billion, and operating income was up 77.1% Y/Y to $186 million.
Adjusted EPS improved to $0.28 from $0.11 in 3Q20, in line with the consensus of $0.28.
The operating income increased to $446 million, compared to $142 million, and the margin expanded by 678 bps to 11.6%.
Halliburton generated cash from operating activities year-to-date of $1.23 billion, compared to $1.24 billion a year ago. Free cash flow was $891 million.
The company retired $500 million of debt and held cash and equivalents of $2.6 billion at the end of the quarter.
Price Action: HAL shares are trading lower by 1.73% at $25.56 on the last check Tuesday.

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