Halliburton Company HAL reported second-quarter FY23 revenue growth of 14.3% year-over-year to $5.798 billion, missing the consensus of $5.86 billion.
Adjusted EPS was $0.77 (+57.1%), beating the consensus of $0.75.
Operating income increased to $1.01 billion (+170.3% Y/Y), and the margin expanded by 1,007 bps to 17.44%.
During the quarter, Halliburton repurchased $248 million of common stock.
Completion and Production revenue increased 19.4% Y/Y to $3.47 billion, and the corresponding operating income increased by 41.7% Y/Y to $707 million.
Drilling and Evaluation revenue increased by 7.4% Y/Y to $2.32 billion, and operating income increased by 31.5% Y/Y to $376 million.
Total cash flows provided by operating activities year-to-date totaled $1.17 billion, compared to $326 million a year ago.
"I am pleased with the $798 million of free cash flow generation in the second quarter. Our strong cash flow generation gives me confidence in our ability to return more cash back to shareholders as evidenced by the $248 million of share repurchases this quarter," commented Jeff Miller, Chairman, President, and CEO.
Price Action: HAL shares are trading lower by 1.60% at $37.50 premarket on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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