Halliburton Revenues Surges, Kimberly-Clark Net Plunges

Mukesh Buch
23 Apr, 2018
New York City

Avangrid reaffirmed fiscal forecast. FirstEnergy net surged and lifted fiscal outlook. Halliburton net swung to profit. Hasbro reported weaker-than-expected results after Toys R Us liquidation. Kimberly-Clark net plunged despite sales jumped 5%.

[R]12:25 PM New York City, New York – Avangrid reaffirmed fiscal forecast. FirstEnergy net surged and lifted fiscal outlook. Halliburton net swung to profit. Hasbro reported weaker-than-expected results after Toys R Us liquidation. Kimberly-Clark net plunged despite sales jumped 5%.[/R]

Tollbooth Index declined 131.86 or 0.9% to 14,574.49 and for the year-to-date increased 5.8%.

Earnings Review

Avangrid Inc ((AGR)) rose 12 cents to $50.85 after the diversified energy and utility services provider said revenues in the first-quarter ending in March soared 6.3% from a year ago to $1.9 billion.

Net income in the quarter rose 2.1% to $244 million or 79 cents per diluted share from $239 million or 77 cents in the same quarter last year.

Avangrid reaffirmed fiscal 2018 earnings per share forecast between $2.16 and $2.46.

FirstEnergy Corporation ((FE)) gained 1.7% or 58 cents to $35.02 after the utility services provider reported revenues in the first-quarter ending in March rose 3.4% from a year ago to $3 billion.

Net income in the quarter surged to $1.2 billion or $2.55 per diluted share from $205 million or 46 cents in the same quarter last year.

FirstEnergy lifted fiscal 2018 earnings per share forecast in the range of $3.61 to $3.91 from the earlier estimate of $2.25 to $2.55.

Separately, FirstEnergy today reached an agreement in principle with two groups of key creditors in the Chapter 11 proceedings of FirstEnergy Solutions, related entities and FirstEnergy Nuclear Operating Co.

Halliburton Company ((HAL)) fell 41 cents to $51.55 after the oilfield services provider reported revenues in the first-quarter ending in March surged 32.6% from a year ago to $5.7 billion.

Net in the quarter swung to profit $46 million or 5 cents per diluted share from a loss of $32 million or 4 cents in the same quarter last year.

Halliburton said surged in revenues after higher oil and gas production in North America and improved oil prices and revenues in North America soared 58% to $3.52 billion.

Hasbro, Inc ((HAS)) jumped 2.2% or $1.83 to $84.64 after the branded toys and games provider said revenues in the first-quarter ending in March declined 15.7% from a year ago to $716.3 million.

Net in the quarter swung to a loss of $112.5 million or 90 cents per diluted share from profit of $68.6 million or 54 cents in the same quarter last year.

Hasbro said revenue decline was driven by liquidation of Toys “R” Us in the U.S. and U.K., along with uncertainty in other operations, as well as retail inventory overhang, primarily in Europe.

Kimberly-Clark Corporation ((KMB)) slid 67 cents to $99.37 after the personal care and sanitary products maker reported net sales in the first-quarter ending in March soared 5% from a year ago to $4.7 billion.

Net income in the quarter plunged 83% to $93 million or 26 cents per diluted share from $563 million or $1.57 in the same quarter last year.