NEW YORK (TheStreet) -- Halliburton swung to a profit and reported better-than-expected first-quarter results on Monday, while also forecasting a 25% jump in earnings for the current quarter.
Shares of Halliburton (HAL) were climbing on Monday after the oilfield services company reported better-than-expected first-quarter results and a forecast a 25% jump in earnings in the current quarter.
Halliburton reported net income of $622 million, or 73 cents a share, for the quarter, a swing from a year-earlier loss of $18 million, or 2 cents a share. Analysts expected profit of 71 cents, according to Thomson Reuters.The company also reported improved revenue, especially from the Eastern Hemisphere, where revenue grew 11%, helping to offset weakness in North America where drilling has been on the decline.
WATCH: More videos from Brittany Umar on TheStreet TV The results are a big swing from the same period a year ago, when the company was hampered by a charge related to the 2010 Deepwater Horizon oil spill. Halliburton had been a contractor for BP (BP), which owned the well that caused the disaster. At last check, shares of Halliburton were climbing about 3.4% to $62.98. In New York, I'm Brittany Umar for TheStreet. Written by Brittany Umar in New York.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts