Halliburton swings to Q1 profit, expects Q2 earnings to grow by 25%

|About: Halliburton Company (HAL)|By:, SA News Editor

Halliburton (HAL+0.7% premarket after beating estimates for Q1 earnings and revenues, and forecasting Q2 EPS to grow 25% in Q2 to ~$0.91.

Unadjusted earnings were $0.73/share vs. a loss of $0.02 in the year-ago period that was weighed down by a charge related to litigation stemming from the 2010 Deepwater Horizon disaster.

North America revenue rose 5% and operating income was flat Y/Y, weighed by lower pressure pumping pricing, higher logistics costs and weather-related issues; HAL expects North America margins to approach 20% before the end of the year.

Latin America revenue and operating income fell by 9% and 8%, respectively, mostly on a drop in drilling-related activity in Brazil and reduced activity in Mexico; HAL expects full-year Latin America revenue and operating income to be in line with 2013 levels.