Halliburton tops Wall Street estimates in the fiscal fourth quarter

Written by: Wajeeh Khan
January 19, 2021
  • Halliburton tops Wall Street estimates in the fiscal fourth quarter.
  • Pre-tax impairments and other charges were worth £327.23 million in Q4.
  • Halliburton Co. gained more than 20% in the stock market last year.

Halliburton Company (NYSE: HAL) published its earnings report for the fiscal fourth quarter on Tuesday that beat Wall Street estimates despite the ongoing Coronavirus pandemic that continues to weigh on the oil market.

Halliburton is currently about 3% down on the intraday chart. The stock is trading at £15.07 per share versus £3.38 per share in March 2020 when the COVID-19 crisis wreaked havoc on the oil market. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a comparison of the top few to make selection easier for you.

Halliburton’s Q4 financial results versus analysts’ estimates

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Halliburton said that its net loss contracted to £172.42 million in the fourth quarter that translates to 19.81 pence per share. In the same quarter last year, it had recorded a broader £1.21 billion of loss or £1.38 per share. The NYSE-listed company had posted £13.07 million of net loss in the prior quarter (Q3), as per the report published in October.

On an adjusted basis, the oil services company earned 13.21 pence per share in the recent quarter. At £2.38 billion, revenue in Q4 slid from a much higher £3.81 billion in the comparable quarter of last year. Halliburton switched to grid electricity for Permian frac jobs last week.

According to FactSet, experts had forecast the company to register a slightly lower £2.36 billion of revenue in the fourth quarter. Their estimate for per-share earnings was capped at 11.01 pence per share.

On a quarter over quarter basis, the Houston-based company saw a 26% growth in its North America revenue that printed at £1.03 billion. Halliburton’s performance in international markets remained weak in the recent quarter but was offset by the hawkish performance in North America.  

Chief Executive Jeff Miller’s comments on Tuesday

Halliburton also said that pre-tax impairments combined with other charges were worth £327.23 million in Q4. CEO Jeff Miller commented on the financial results on Tuesday and stated:

“I believe our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and solidify Halliburton’s role in the unfolding energy market recovery.”

Halliburton performed fairly upbeat in the stock market last year with an annual gain of more than 20%. At the time of writing, the American multinational oil services company has a market cap of £13.37 billion.