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Halliburton profit misses consensus by 49.9% in Q1

Halliburton Co. said its normalized net income for the first quarter came to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS fell 70.1% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $159.3 million, a decline of 70.2% from $534.8 million in the prior-year period.

The normalized profit margin dropped to 2.6% from 7.3% in the year-earlier period.

Total revenue fell on an annual basis to $7.05 billion from $7.35 billion, and total operating expenses grew from the prior-year period to $6.46 billion from $6.38 billion.

Reported net income totaled a loss of $637.5 million, or a loss of 75 cents per share, compared with income of $622.7 million, or 73 cents per share, in the prior-year period.