Pfizer and Halliburton released their latest quarterly earnings reports before opening bell this morning. Pfizer posted adjusted earnings of 67 cents per share, smashing the consensus of 55 cents, on $13.01 billion in revenue, which also beat consensus at $12.07 billion. In last year’s first quarter, Pfizer reported $10.86 billion in revenue.
Halliburton posted earnings of 7 cents per share on $4.2 billion in revenue, against the consensus estimates of 4 cents per share and $4.17 billion.
Pfizer raises earnings guide
Pfizer’s reported earnings rose to 49 cents per share from 38 cents last year. The drug maker acquired Hospira in September 2015, so excluding that acquisition, reported revenues grew 15% on an operational basis to $11.8 billion. The Innovative Products segment saw a 23% increase in revenue to $7 billion, while the Established Product segment saw a 17% increase in revenue to $6 billion.
The drug maker also increased its full-year adjusted earnings guidance from the previous range of $2.20 to $2.30 per share to a range of $2.38 to $2.48 per share. Pfizer also increased the midpoint of its full-year revenue outlook from the previous range of $49 billion to $51 billion to a range of $51 billion to $53 billion. Management expects reported earnings for the year to be between $1.72 and $1.85 per share, which is also an increase from their previous outlook of $1.54 to $1.67 per share.
Shares of Pfizer surged 2.96% to $33.75 in premarket trades following the release.
Halliburton’s losses widen
Halliburton reported a GAAP loss of $2.81 per share in the first quarter, compared to the previous quarter’s losses of 3 cents per share. It took some charges related to its terminated merger agreement with Baker Hughes. The oilfield services provider said the assets that were proposed to be divested no longer met the sales criteria as of March 31. It took a charge of $378 million or 44 cents per share.
Halliburton warned that market conditions are still weighing on its results as its rig count tumbled to historic lows as commodity prices remained depressed. This pressured prices even more, causing the company to reduce its products and services. Because of these market conditions, the company took asset impairment and severance charges of about $2.1 billion or $2.39 per share.
Shares of Halliburton edged higher by 0.3% to $42.20 in premarket trading this morning.
