Halliburton Company HAL shares are trading higher after the company reported better-than-expected fourth-quarter EPS and raised the quarterly dividend by 6.25%.
The company reported revenue of $5.739 billion, missing the consensus of $5.78 billion.
Operating income increased to $1.058 billion from $976 million a year ago, with a margin of 18%.
Completion and Production revenue increased to $3.317 billion from $3.182 billion a year ago, and the corresponding operating income rose to $716 million from $659 million the prior year.
Drilling and Evaluation revenue increased to $2.422 billion from $2.400 billion prior year, and operating income grew to $420 million from $387 million a year ago.
Adjusted EPS was $0.86, beating the consensus of $0.80.
Operating cash flow stood at $3.46 billion, and free cash flow was $2.27 billion in the year.
Dividend: Halliburton raised the first-quarter FY24 dividend per share by 6.25% to $0.17, payable on March 27, 2024, to shareholders of record as of March 6, 2024. The company repurchased around $250 million of common stock.
The company incurred around $109 million due to Argentina’s currency devaluation and Blue Chip Swap losses.
Jeff Miller, Chairman, President and CEO said, “I am excited about 2024. The outlook for oilfield services demand remains strong. I expect we will deepen and strengthen our value proposition, and generate significant free cash flow,”
Price Action: HAL shares are up 2.32% at $35.24 on the last check Tuesday.
Photo via Wikimedia Commons
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