posted a stronger-than-expected profit Thursday, but revenue fell 11% from a year ago.
The Houston-based energy giant earned $365 million, or 72 cents a share, for the latest period, reversing a year-ago loss of $65 million, or 15 cents a share. Revenue slipped to $4.93 billion from the year-earlier $5.52 billion.
Analysts had been expecting a quarterly profit of 44 cents on revenue of $4.95 billion.
"We are pleased with our first quarter performance, both for ESG and KBR," CEO Dave Lesar, referring to the energy services and Kellogg, Brown and Root units. "ESG's record performance benefited from increased oilfield activity and price increases we implemented during 2004. KBR's restructuring efforts have resulted in a more efficient operation, which is evidenced by the profitable results we have posted this quarter. "In addition," Lesar said, "KBR continues to make progress on resolving issues with our customer related to our work in Iraq, resulting in a settlement of the Dining Facilities matters."
Halliburton rose $1.53 Thursday to $43.33.