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HAL $75~$81~$79 reports Q4 ex-items EPS of $1.06 vs. consensus est. of 89c
The company reported Q4 revs of $5.8B vs. consensus est. of $5.24B. Halliburton plans to file for a 20% initial public offering for its KBR subsidiary soon after submitting its annual results to the Securities and Exchange Commission.
Fourth-quarter net income tops $1 billion
On Thursday, Halliburton reported more than $1 billion in fourth-quarter net income, helped by a $540 million tax gain and strong sales despite less work for its KBR unit in Iraq.
The Houston-based company's net earnings totaled $1.102 billion, or $2.08 a share. The company said that $540 million, or $1.02 a share, of that profit was related to a lower, deferred tax-asset valuation allowance related to its asbestos and silica settlement.
Effectively, Halliburton had set aside more money than it needed for the settlement.
A year ago, the company lost $203 million, or 46 cents a share, including an 86-cent charge for the asbestos and silica settlement. Excluding that charge, Halliburton earned $181 million or 40 cents a share in the year-ago period.
Revenue in the quarter totaled $5.798 billion, up from $5.201 billion.
Analysts expected a profit of 89 cents a share in the fourth quarter with revenue of $5.244 billion, according to Thomson First Call.
The company's $2.848 billion in energy services sales helped drive the 12% increase, which came despite lower KBR sales.
Halliburton's energy-services group revenue rose 31% and operating earnings rose 85% to $678 million from last year.
"All four primary geographic regions had good sequential growth in revenues and operating income, allaying concerns related to international growth," wrote Calyon Securities analyst Mark Urness in a research note.
KBR revenue fell 3% to $2.95 billion, but earnings rose to $121 million, up from break-even a year ago. The Calyon analysts called the KBR results "solid."
The company reported Q4 revs of $5.8B vs. consensus est. of $5.24B. Halliburton plans to file for a 20% initial public offering for its KBR subsidiary soon after submitting its annual results to the Securities and Exchange Commission.
Fourth-quarter net income tops $1 billion
On Thursday, Halliburton reported more than $1 billion in fourth-quarter net income, helped by a $540 million tax gain and strong sales despite less work for its KBR unit in Iraq.
The Houston-based company's net earnings totaled $1.102 billion, or $2.08 a share. The company said that $540 million, or $1.02 a share, of that profit was related to a lower, deferred tax-asset valuation allowance related to its asbestos and silica settlement.
Effectively, Halliburton had set aside more money than it needed for the settlement.
A year ago, the company lost $203 million, or 46 cents a share, including an 86-cent charge for the asbestos and silica settlement. Excluding that charge, Halliburton earned $181 million or 40 cents a share in the year-ago period.
Revenue in the quarter totaled $5.798 billion, up from $5.201 billion.
Analysts expected a profit of 89 cents a share in the fourth quarter with revenue of $5.244 billion, according to Thomson First Call.
The company's $2.848 billion in energy services sales helped drive the 12% increase, which came despite lower KBR sales.
Halliburton's energy-services group revenue rose 31% and operating earnings rose 85% to $678 million from last year.
"All four primary geographic regions had good sequential growth in revenues and operating income, allaying concerns related to international growth," wrote Calyon Securities analyst Mark Urness in a research note.
KBR revenue fell 3% to $2.95 billion, but earnings rose to $121 million, up from break-even a year ago. The Calyon analysts called the KBR results "solid."
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