Halliburton (HAL) Beats On Q1 Earnings Despite Weak Oil
Zacks Investment Research | May 02, 2016 10:09PM ET
Major oilfield services provider Halliburton Company (NYSE:HAL) reported better-than-expected results, even as oil prices were weak throughout first-quarter 2016. The outperformance was primarily owing to the company’s deep cost cutting measures.
Earnings per share from continuing operations (excluding one-time items) came in at 7 cents, beating the Zacks Consensus Estimate of 4 cents. However, the company’s per share profits deteriorated from the first-quarter 2015 adjusted level of 49 cents.
After Baker Hughes Inc. (NYSE:BHI) and Schlumberger Ltd (NYSE:SLB) missed our first-quarter earnings estimates, Halliburton came first among the ‘big 4’ oil service companies to beat our estimates. The other member Weatherford International Ltd (NYSE:WFT) is expected to report later this week.
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