Halliburton beats by $0.05, beats on revs
- Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.18; revenues rose 29.3% year/year to $4.96 bln vs the $4.86 bln Capital IQ Consensus.
- "These results were primarily driven by continued strengthening of market conditions in North America, which were partially offset by pricing pressure internationally. "The Completion and Production division revenue increased 20% in the quarter and operating margins improved by 700 basis points to approximately 13%, driven by the strength in our production enhancement, cementing and completion tools product service lines. "Our Drilling and Evaluation division is driven, in large part, by our international footprint. While we experienced a modest increase this quarter the overall market continues to move sideways with continued pricing pressure."
- "Our performance this quarter demonstrates that Halliburton is the execution company, and we are the leader in North America. North America revenue growth of 24% outpaced the average sequential U.S. land rig count growth of 21%, while our margins grew into the double digits. More broadly, we outperformed our major peer in every geo-market, demonstrating that we continue to grow our global market share."