HOUSTON - Halliburton Company (NYSE: HAL ) reported fourth quarter earnings that met expectations, but revenue fell short of analyst estimates, sending shares down 1.79% in early trading, Wednesday.
The oilfield services giant posted adjusted earnings per share of $0.70 for the quarter, in line with Wall Street forecasts. However, revenue came in at $5.61 billion, missing the consensus estimate of $5.64 billion.
Halliburton's total revenue declined 2% compared to the previous quarter and 2.2% YoY. The company attributed the sequential decrease primarily to lower stimulation activity in North America and decreased pressure pumping services in Latin America.
"I am pleased with our performance in 2024. We generated over $2.6 billion dollars of free cash flow, and returned over $1.6 billion dollars of cash to our shareholders," commented Jeff Miller, Chairman, President and CEO.
Looking ahead, Miller noted that while 2025 is expected to be "sequentially softer" in North America, he remains optimistic about Halliburton's long-term outlook.
The company reported operating income of $932 million for the fourth quarter, up from $871 million in the third quarter. North America revenue fell 7% sequentially to $2.2 billion, while international revenue rose 3% to $3.4 billion.
Halliburton repurchased approximately $309 million of its common stock during the quarter. For the full year 2024, the company returned 60% of free cash flow to shareholders through dividends and share buybacks.
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