Halliburton Co (NYSE:HAL) shares hesitated in the early going Monday, on surprising economic figures.
The petroleum company reported fourth-quarter FY21 revenue growth of 32.1% year-over-year to $4.28 billion, beating the consensus of $4.09 billion.
Completion and production revenue increased 30.2% Y/Y to $2.36 billion, and the corresponding operating income increased by 23.1% Y/Y to $347 million.
Drilling and evaluation revenue increased by 34.6% Y/Y to $1.92 billion, and operating income was up 130% Y/Y to $269 million.
Adjusted EPS improved to $0.36 from $0.18 in 4Q20, beating the consensus of $0.34.
The operating income increased to $550 million, compared to a loss of $(96) million, and the margin for the quarter stood at 12.8%.
Monday’s news release went on to say Halliburton generated cash from operating activities for FY21 of $1.91 billion, compared to $1.88 billion a year ago. Free cash flow was $1.37 billion.
The company held cash and equivalents of $3.04 billion as of December 31, 2021.
Halliburton declared an increased first-quarter dividend of $0.12/share (compared to prior paid of $0.045) payable on March 23, 2022, to shareholders of record at the close of business on March 2, 2022.
Said CEO Jeff Miller "I am pleased with our solid execution in the fourth quarter and for the full year. Both operating divisions experienced revenue growth in the international and North America markets. Our Completion and Production division delivered solid mid-teens margins, and our Drilling and Evaluation division margins surprised to the upside."
HAL shares traded lower by 46 cents, or 1.7% at $27.08 first thing Monday.
