Halliburton First Quarter Profit Falls

Halliburton reports first-quarter earnings that are below Wall Street estimates, but revenue slightly ahead of forecasts.
By Andrea Tse ,


NEW YORK (TheStreet) -- Halliburton (HAL) - Get Report reported first-quarter earnings that were above Wall Street estimates but revenue roughly in line with forecasts on strong sequential revenue growth stemming from increased production improvement and cementing activity in U.S. and Canada amid lower drilling revenue.

Halliburton said it continues to actively look for opportunities to buy businesses that fit its core themes. So far this year, Halliburton has signed agreements on four other oilfield service acquisitions, one recently with

Boot and Coots

.

Halliburton Monday said revenue was $3.76 billion in the first quarter compared with $3.9 billion the previous year, while net income was $206 million, or 23 cents a share, compared with $378 million, or 42 cents a share a year earlier. During this period, drilling and evaluation revenue decreased $71 million from the fourth quarter mainly because seasonally lower demand.

The company reported adjusted earnings of 28 cents a share. Wall Street expected first-quarter earnings of 25 cents a share on revenue of $3.76 billion.

-- Reported by Andrea Tse in New York

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