Houston-Based Halliburton Reports $32M Loss For 1st Quarter

HOUSTON (AP) — Halliburton Co. has reported a $32 million loss for its first quarter.

On a per-share basis, the Houston-based company said Monday it had a loss of 4 cents. Earnings, adjusted to extinguish debt, were 4 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The provider of drilling services to oil and gas operators posted revenue of $4.28 billion in the period, meeting Street forecasts.

Halliburton shares have fallen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. The stock has increased 15 percent in the last 12 months.