Name: Halliburton Co. (NYSE:HAL) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Halliburton Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Services	4,448)	4,800)	4,808)	4,388)	4,437)	4,118)	3,702)	3,151)	2,820)	2,695)	2,640)	2,985)	3,652)	4,103)	4,380)	5,347)	6,707)	6,665)	6,127)	5,540)
Product sales	1,488)	1,372)	1,339)	1,352)	1,503)	1,326)	1,255)	1,128)	1,201)	1,138)	1,195)	1,213)	1,430)	1,479)	1,539)	1,703)	2,063)	2,036)	1,924)	1,808)
Revenue	5,936)	6,172)	6,147)	5,740)	5,940)	5,444)	4,957)	4,279)	4,021)	3,833)	3,835)	4,198)	5,082)	5,582)	5,919)	7,050)	8,770)	8,701)	8,051)	7,348)
Cost of services	(4,083)	(4,280)	(4,221)	(4,007)	(3,971)	(3,686)	(3,453)	(3,103)	(2,777)	(2,743)	(2,777)	(2,956)	(3,194)	(3,791)	(3,942)	(4,973)	(5,557)	(5,291)	(5,151)	(4,765)
Cost of sales	(1,186)	(1,104)	(1,072)	(1,056)	(1,134)	(1,069)	(1,021)	(918)	(927)	(919)	(955)	(969)	(1,362)	(1,248)	(1,291)	(1,312)	(1,714)	(1,702)	(1,617)	(1,538)
Cost of services and product sales	(5,269)	(5,384)	(5,293)	(5,063)	(5,105)	(4,755)	(4,474)	(4,021)	(3,704)	(3,662)	(3,732)	(3,925)	(4,556)	(5,039)	(5,233)	(6,285)	(7,271)	(6,993)	(6,768)	(6,303)
Gross profit	667)	788)	854)	677)	835)	689)	483)	258)	317)	171)	103)	273)	526)	543)	686)	765)	1,499)	1,708)	1,283)	1,045)
General and administrative	(59)	(72)	(65)	(58)	(71)	(55)	(75)	(55)	(96)	(43)	(41)	(48)	(54)	(37)	(43)	(66)	(54)	(74)	(89)	(75)
Impairments and other charges	—)	—)	—)	(265)	(385)	—)	(262)	—)	(168)	—)	(423)	(2,766)	(282)	(381)	(306)	(1,208)	(129)	—)	—)	—)
Merger-related costs and termination fee	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,519)	(538)	(104)	(82)	(83)	(39)	(17)	—)	—)	—)
Operating income (loss)	608)	716)	789)	354)	379)	634)	146)	203)	53)	128)	(3,880)	(3,079)	86)	43)	254)	(548)	1,299)	1,634)	1,194)	970)
Interest expense	(148)	(150)	(150)	(150)	(146)	(145)	(149)	(265)	(158)	(159)	(206)	(175)	(142)	(102)	(110)	(109)	(103)	(99)	(98)	(96)
Interest income	11)	10)	13)	10)	31)	30)	28)	23)	21)	18)	10)	10)	6)	3)	4)	3)	3)	3)	4)	3)
Interest expense, net of interest income	(137)	(140)	(137)	(140)	(115)	(115)	(121)	(242)	(137)	(141)	(196)	(165)	(136)	(99)	(106)	(106)	(100)	(96)	(94)	(93)
Other, net	(13)	(42)	(19)	(25)	(20)	(23)	(26)	(18)	(91)	(39)	(31)	(47)	(43)	(34)	(23)	(224)	41)	12)	(24)	(31)
Income (loss) from continuing operations before income taxes	458)	534)	633)	189)	244)	496)	(1)	(57)	(175)	(52)	(4,107)	(3,291)	(93)	(90)	125)	(878)	1,240)	1,550)	1,076)	846)
Income tax (provision) benefit	210)	(100)	(125)	(142)	(1,050)	(135)	29)	25)	22)	59)	902)	875)	67)	37)	(71)	241)	(336)	(411)	(299)	(229)
Income (loss) from continuing operations	668)	434)	508)	47)	(806)	361)	28)	(32)	(153)	7)	(3,205)	(2,416)	(26)	(53)	54)	(637)	904)	1,139)	777)	617)
Income (loss) from discontinued operations, net	—)	—)	—)	—)	(19)	—)	—)	—)	—)	—)	—)	(2)	—)	—)	(1)	(4)	1)	66)	(2)	(1)
Net income (loss)	668)	434)	508)	47)	(825)	361)	28)	(32)	(153)	7)	(3,205)	(2,418)	(26)	(53)	53)	(641)	905)	1,205)	775)	616)
Net (income) loss attributable to noncontrolling interest	(4)	1)	3)	(1)	1)	4)	—)	—)	4)	(1)	(3)	6)	(2)	(1)	1)	(2)	(4)	(2)	(1)	6)
Net income (loss) attributable to company	664)	435)	511)	46)	(824)	365)	28)	(32)	(149)	6)	(3,208)	(2,412)	(28)	(54)	54)	(643)	901)	1,203)	774)	622)

The financial performance from early 2014 through late 2018 is characterized by a period of significant volatility, featuring a sharp decline in revenue and profitability followed by a gradual recovery. A clear cyclical pattern is evident, with a peak in operational scale in late 2014, a trough in mid-2016, and a subsequent upward trajectory in both top-line and bottom-line figures through 2018.

Revenue and Gross Margin Trends: Total revenue peaked at 8,770 million USD in December 2014 before entering a steep decline, reaching a minimum of 3,835 million USD in June 2016. This contraction was driven primarily by a reduction in services revenue, which fell from a high of 6,707 million USD in December 2014 to 2,640 million USD in June 2016. Product sales followed a similar downward trajectory, though on a smaller scale. Following the 2016 low, revenue began a steady recovery, climbing back to 5,936 million USD by December 2018. Gross profit margins experienced severe compression during the downturn, with gross profit falling from 1,708 million USD in September 2014 to a low of 103 million USD in June 2016, before recovering to 667 million USD by the end of 2018.
Operating Performance and Non-Recurring Charges: Operating income was heavily impacted by significant non-recurring charges in 2015 and 2016. While operating income was consistently positive in 2014, it shifted to massive losses in the first half of 2016. Specifically, March 2016 and June 2016 recorded operating losses of 3,079 million USD and 3,880 million USD, respectively. These losses were primarily attributed to impairments and other charges of 2,766 million USD in March 2016 and merger-related costs and termination fees totaling 3,519 million USD in June 2016. Following these extraordinary events, operating income returned to positive territory starting in September 2016 and showed a general trend of improvement, peaking at 789 million USD in June 2018.
Net Income and Expense Analysis: Net income mirrored the volatility of operating results, moving from a peak of 1,205 million USD in September 2014 to deep losses in 2016, including a net loss of 3,205 million USD in June 2016. A notable volatility persists into 2017, with a significant net loss of 825 million USD in December 2017, despite positive operating income. By 2018, the company achieved sustained profitability, with net income ranging between 434 million USD and 668 million USD per quarter. Net interest expenses generally increased from 2014 levels, rising from approximately 93 million USD per quarter to peaks between 150 million USD and 265 million USD during the 2016-2017 period, indicating increased financing costs or higher debt levels during the downturn.

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Halliburton Co. (NYSE:HAL)

Income StatementQuarterly Data

Income Statement
Quarterly Data