Halliburton's (NYSE:HAL) shares jumped in pre-open Tuesday after the company’s fourth-quarter results demonstrated a strong performance.
Adjusted earnings per share (EPS) were 86 cents, surpassing both the previous year's 72 cents and the estimated 80 cents.
Revenue reached $5.74 billion, marking a 2.8% increase year-over-year, though slightly below the estimated $5.78 billion.
Shares were up 1.7% in early trade.
Operating income showed robust growth at 8.4% YoY, amounting to $1.06 billion, exceeding the estimated $1.04 billion.
Halliburton also reported a substantial increase in cash flow from operations, reaching $1.41 billion, a 21% rise annually, surpassing the estimated $1.22 billion.
"2023 was a great year for Halliburton, both of our divisions achieved their highest operating margins in over a decade," commented Jeff Miller, Chairman, President and CEO.
"I am excited about 2024. The outlook for oilfield services demand remains strong. I expect we will deepen and strengthen our value proposition, and generate significant free cash flow," concluded Miller.
Moreover, the company announced a 6.3% increase in its quarterly dividend to 17 cents per share.