Halliburton Earnings: International Markets Continue to Drive Growth Amid Subdued US Market

Narrow-moat Halliburton posted its 2024 first-quarter results in line with our expectations. Revenue was up 2% year over year and 1% sequentially, while firmwide operating margins declined very slightly to 17%. Continued strength in international drilling activity continues to shine amid a subdued North American market. As such, we’ve slightly cut our near-term sales outlook to reflect continued slowness in North America. We’ve reduced our fair value estimate to $39 from $40.