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$EXTN said it sold Belleli Energy Critical Processing Equipment to Tosto, effective Aug. 1. The divestiture reflects ongoing execution of $EXTN's plan to focus on its core businesses and optimize portfolio to improve returns. $EXTN maintains ownership of non-core Belleli Energy, which is now known as Exterran Italy.
$HP lifted FY18 capital expenditures outlook to about $350MM from prior estimate of $250-300MM. This was due to the continued improvement in market conditions and corresponding opportunities. The company now expects general and administrative expenses forecast of about $180MM.
$HP swung to a profit in 1Q18 from a loss last year, driven by about $501MM non-cash gain related to a reduction of deferred income tax liability arising from Tax Cuts and Jobs Act. Net income was $500.1MM or $4.55 per share compared to a loss of $35.1MM or $0.33 per share a year ago. Operating revenue jumped to $564.1MM from $368.6MM.
During 4Q17, $HAL recorded an $882MM non-cash charge, primarily as a result of a preliminary provision for net impact of tax reform. Given current U.S. tax attributes, $HAL does not expect to pay any cash tax on deemed repatriation tax obligations. $HAL sees 2018 and 1Q effective tax rate to be about 23% based on expected geographic earnings mix.
$HAL said tax reform bill is a big positive and expects this to lower effective tax rate percentage from the high-20s to 21-23% range, reflecting the new U.S. corporate rate plus state and local taxes along with geographic earnings mix. This will positively impact future earnings and help level playing field with foreign domicile competitors.
$HAL's International revenue for 4Q17 increased 11% sequentially to $2.5Bil. This resulted primarily from increased activity across multiple product services lines in Latin America, and increases in drilling and stimulation activity in the Eastern Hemisphere.
$HAL's North America revenue for 4Q17 rose 7% sequentially to $3.4Bil. This was driven primarily by higher utilization and pricing throughout the U.S. land sector in the majority of product service lines, primarily pressure pumping, as well as higher drilling activity and completion tool sales in the Gulf of Mexico.
$HAL's Drilling and Evaluation revenue for 4Q17 grew 12% to $2.1Bil from last quarter and operating income climbed 62% to $291MM. These increases were primarily due to increased drilling activity in the Middle East and North America and higher software sales and services in Latin America.
$HAL's Completion and Production revenue for 4Q17 rose 8% to $3.8Bil from last quarter. In the U.S. land sector, higher pressure pumping activity and pricing led to higher revenue while higher costs and seasonality hindered profitability.
$HAL reported a wider loss in 4Q17 due to charges related to U.S. tax reform and Venezuela receivables. Net loss widened to $824MM or $0.94 per share from $149MM or $0.17 per share last year. Revenue grew to $5.94Bil from $4.02Bil. Adjusted EPS from continuing operations jumped to $0.53 from $0.04.
Excluding the impact of other items, $NOV expects consolidated results for 4Q17 to be at or above prior expectations. The company anticipates Rig Technologies will exceed prior guidance, Wellbore Technologies will be in-line with expectations, and Completion and Production Solutions will fall short of guidance.
Utility company $ES has appointed John Kim to its board of trustees, effective January 1, 2018. Kim, who serves as President of New York Life Insurance Company, has more than 30 years of experience in the investment management and retirement plan industries. Earlier, he had served as President of Prudential Retirement.
$ES announced that it completed the acquisition of Aquarion Water Company. With all required regulatory approvals now received, Aquarion became part of Eversource, with nearly 4MM electric, natural gas and water customers combined in Connecticut, Massachusetts and New Hampshire.