- Halliburton Co HAL reported first-quarter FY22 revenue growth of 24.1% year-over-year to $4.28 billion, beating the consensus of $4.21 billion.
- Completion and Production revenue increased 25.8% Y/Y to $2.35 billion, and the corresponding operating income increased by 17.5% Y/Y to $296 million.
- Drilling and Evaluation revenue increased by 22.1% Y/Y to $1.93 billion, and operating income increased 71.9% Y/Y to $294 million.
- Adjusted EPS improved to $0.35 from $0.19 in 1Q21, beating the consensus of $0.34.
- The operating income increased to $511 million, compared to $370 million, and the margin expanded by 121 bps for the quarter to 11.9%. The adjusted operating margin was 12.4%.
- Halliburton's cash used om operating activities for the quarter was $50 million, compared to cash generated of $203 million a year ago. Free cash outflow was $183 million.
- The company held cash and equivalents of $2.15 billion as of March 31, 2022.
- "We see significant tightness across the entire oil and gas value chain in North America. Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins," commented CEO Jeff Miller.
- "I expect our strong international business to increase throughout the remainder of the year. First quarter revenue growth in all our international regions together with North America demonstrates that this multi-year upcycle is well underway," Miller added.
- Price Action: HAL shares are trading lower by 2.76% at $40.49 during the premarket session on Tuesday.
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