Halliburton profit beats estimates

By @ibtimes on

Halliburton Co , the world's second-largest oilfield services company, posted a first-quarter profit that beat analysts' estimates as oil companies increased spending on new projects to meet growing oil demand worldwide.

Halliburton, the first major energy company to report first-quarter results, said on Monday its net profit rose to $511 million, or 56 cents per share, from $206 million or 23 cents per share, a year earlier.

Excluding items, the company earned 61 cents per share. Analysts were expecting earnings of 58 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 41 percent to $ 5.3 billion.

We expect our eastern hemisphere margins to improve in the second quarter but they will continue to be impacted by the situation in Libya and by competitive pricing, said Chief Executive Dave Lesar in a statement. (Reporting by Mayuresh Tungare in Bangalore; Editing by Saumyadeb Chakrabarty)

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