Halliburton Co. (NYSE: HAL) said Monday that its first-quarter net income rose to $511 million or $0.56 per share from $206 million or $0.23 per share last year. The first quarter of 2010 results were negatively impacted by $41 million, or $0.05 per share, associated with the devaluation of the Venezuelan Bolívar Fuerte. On an adjusted basis, the compay earned $0. 61 per share in the latest quarter. Revenue jumped to $5.28 billion from $3.76 billion in the first quarter of 2010. Analysts, on average, expected the company to report earnings of 59 cents per share on revenue of $4.92 billion.
North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality," stated Dave Lesar, chairman, president and chief executive officer.
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