Halliburton (HAL) FY2019 results: revenue $22.4 billion, down 6.6% on the year
Halliburton Co. (HAL) reported revenue of $22.4 billion for fiscal 2019, the year ended 31 December 2019, down 6.6% on the year before. Net income was -$1.1 billion, and diluted earnings per share $-1.29. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2020.
Revenue
$22.4 billion
-6.6% on the year
FY2012FY2019
Operating margin
-2.0%
10.3% a year earlier
FY2012FY2019
Net income
-$1.1 billion
FY2012FY2019
Diluted EPS
-$1.29
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,408
23,995
20,620
-6.6%
Cost of revenue
20,123
21,009
18,355
-4.2%
Gross profit
2,285
2,986
2,265
-23.5%
Gross margin
10.2%
12.4%
11.0%
Research and development
404
390
360
+3.6%
Operating income
-448
2,467
1,374
Operating margin
-2.0%
10.3%
6.7%
Interest expense
569
554
593
+2.7%
Pre-tax income
-1,122
1,814
682
Income tax
7.0
157
1,131
-95.5%
Effective tax rate
n/a
8.7%
165.8%
Net income
-1,131
1,656
-463
Net margin
-5.0%
6.9%
-2.2%
Diluted EPS
-$1.29
$1.89
-$0.53
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,445
3,157
2,468
-22.6%
Capital expenditure
1,530
2,026
1,373
-24.5%
Free cash flow
915
1,131
1,095
-19.1%
Free cash flow margin
4.1%
4.7%
5.3%
Cash from investing
-1,445
-1,993
-1,927
Cash from financing
-695
-1,419
-2,161
Depreciation and amortisation
1,625
1,606
1,556
+1.2%
Buybacks
100
400
0.0
-75.0%
Dividends paid
630
630
626
0.0%
Dividend per share
$0.72
$0.72
$0.72
0.0%
Diluted shares, weighted
875m
877m
870m
-0.2%
Shares outstanding at period end
878m
871m
873m
+0.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,012
9,522
8,322
-15.9%
Non-controlling interest
13.0
22.0
27.0
-40.9%
Debt
10,327
10,457
10,942
-1.2%
Operating lease liabilities
825
0.0
n/a
Other liabilities
6,200
5,981
5,794
+3.7%
Total liabilities and equity
25,377
25,982
25,085
-2.3%
Fixed assets
7,310
8,873
8,521
-17.6%
Goodwill
2,812
2,825
2,693
-0.5%
Cash and equivalents
2,268
2,008
2,337
+12.9%
Receivables
4,577
5,234
5,036
-12.6%
Inventory
3,139
3,028
2,396
+3.7%
Other assets
5,271
4,014
4,102
+31.3%
Total assets
25,377
25,982
25,085
-2.3%
10-K for the year ended 31 December 2019, filed 11 February 2020: the filing.