Halliburton Clocks 37% Revenue Growth In Q2 - Halliburton (NYSE:HAL)

Halliburton Company HAL reported second-quarter FY22 revenue growth of 36.9% year-over-year to $5.07 billion, beating the consensus of $4.70 billion.
Adjusted EPS improved to $0.49, above the consensus of $0.44.
Halliburton's cash flows provided by operating activities year-to-date were $326 million, compared to $612 million a year ago. Free cash flow was $32 million.
The operating income decreased to $374 million (-13.8% Y/Y), and the margin contracted by 434 bps to 7.4%. The adjusted operating margin was 14.2%, up by 244 bps.
The company held cash and equivalents of $2.23 billion as of June 30, 2022.
Halliburton recorded a pre-tax charge of $344 million in the quarter as a result of decision to exit Russia due to sanctions.
Completion and Production revenue increased 24% Y/Y to $2.9 billion, and the corresponding operating income increased by 69% Y/Y to $499 million.
Drilling and Evaluation revenue increased by 12% Y/Y to $2.2 billion, and operating income decreased 3% Y/Y to $286 million.
"I expect the international markets will experience multiple years of growth, and I am confident that Halliburton is positioned to benefit more from this multi-year upcycle than ever before. We have a leading technology portfolio, the right geographic presence, and new service line opportunities that align perfectly with our strategy to deliver profitable international growth," commented Jeff Miller, Chairman, President, and CEO.
"In North America, I expect Halliburton to uniquely maximize value in this strong, steadily growing, and all but sold-out market. Pricing gains across all product service lines supported significant sequential margin expansion in the second quarter."
Price Action: HAL shares are trading higher by 1.66% at $29.33 on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs