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Halliburton swings to loss in Q1

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Halliburton swings to loss in Q1

Halliburton Co. said its first-quarter normalized net income came to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $35.6 million, compared with income of $14.1 million in the year-earlier period.

The normalized profit margin fell to negative 0.8% from 0.3% in the year-earlier period.

Total revenue rose on an annual basis to $4.28 billion from $4.20 billion, and total operating expenses grew on an annual basis to $4.08 billion from $3.97 billion.

Reported net income came to a loss of $34.7 million, or a loss of 4 cents per share, compared with a loss of $2.41 billion, or a loss of $2.81 per share, in the year-earlier period.