Chuzzlewit, Halliburton just reported: looks good-
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Thursday April 23, 12:24 am Eastern Time
Halliburton cites Energy Group gains
DALLAS, April 22 (Reuters) - Halliburton Co. Wednesday reported a 42 percent increase in first quarter profits on a 24 percent revenue rise citing strong financial performance by its Energy Group business segment.
Earnings rose to $0.44 per share diluted from $0.32 per share in 1997's initial quarter as revenues climbed to $2.4 billion.
The Energy Group's 1998 first quarter revenues totaled $1.6 billion, an increase of 42 percent from a year earlier.
DALLAS, April 22 (Reuters) - Halliburton Co. Wednesday reported a 42 percent increase in first quarter profits on a 24 percent revenue rise citing strong financial performance by its Energy Group business segment.
Earnings rose to $0.44 per share diluted from $0.32 per share in 1997's initial quarter as revenues climbed to $2.4 billion.
The Energy Group's 1998 first quarter revenues totaled $1.6 billion, an increase of 42 percent from a year earlier.
Halliburton said revenue growth was particularly strong in international markets where revenues increased by more than 50 percent from a year ago.
The business segment's first quarter operating income increased 58 percent to $185 million as the group's operating margin rose to 11.6 percent from 10.5 percent last year.
The Energy Group's financial results benefited from strong revenue growth by the Halliburton Energy Services and Brown & Root Energy Services business units during the latest quarter.
The Engineering and Construction Group's first quarter financial results were flat largely due to restructuring actions taken to exit from the environmental business and lower levels of pulp and paper industry activities.
Also, a later than expected start up of a contract to refit United Kingdom submarines at the company's Devonport Royal Dockyard, as well as the continued wind down of a contract to provide logistical support services to U.S. troops stationed in Bosnia, reduced group's revenues, Halliburton said.
''We look for continued Energy Group progress during the balance of 1998, Chief Executive Officer Dick Cheney said.
''Our Engineering and Construction business is positioned for improved performance as the year progresses, he said, noting its backlog at March 31 was $7.0 billion, an increase of 20 percent compared to a year ago. |
