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Earnings: DuPont, Halliburton, Weatherford

DuPont posts a decline in the fourth quarter, while Halliburton, Weatherford and Caterpillar post double-digit growth.


BY CHRONICLE STAFF


DuPont, the third-biggest U.S. chemical maker, reported a 13 percent drop in fourth quarter revenues from Latin America and Canada to $1 billion, it announced today. Despite the decline, that was the best performance worldwide.


U.S.-based Halliburton Co, the world’s second- largest oilfield-services provider, boosted Latin America revenues by 34.9 percent last year to $2.4 billion. Of that, drilling and evaluation revenues grew by 43.4 percent to $1.3 billion, while completion and production (C&P) revenues increased by 28.7 percent to $1.1 billion.
“Our international business was a major contributor to our performance in 2008 as we expanded into underserved locations,” Halliburton CEO Dave Lesar said in a statement. “Outside North America, revenue grew 22 percent year-over-year with Latin America experiencing exceptional revenue growth of 35 percent year-over-year.”

 

Operating income in Latin America last year reached $521 million, an increase of 49.3 percent compared with 2007. Of that, C&P operating income grew by 52.9 percent to $260 million, while D&E operating income increased by 45.8 percent to $261 million.

 

Despite the fall in oil prices and the start of an economic slowdown, the fourth quarter was also good to Halliburton. Latin America C&P operating income increased 25 percent from increased activity throughout the region and higher vessel utilization in Mexico, while Latin America D&E operating income increased 84 percent, with higher demand for new technology and drilling services throughout the region, Halliburton said. In addition, improvements in software sales and services and higher demand for fluid services contributed to the increase.

 

Weatherford International, the fourth-largest U.S. oilfield-services provider, booted Latin America revenues by 37.1 percent last year to $1.2 billion, while operating income grew by 36.4 percent to $277.1 million. Fourth quarter revenues grew by 52 percent to $388 million. Meanwhile, fourth quarter’s operating income of $89 million was 40 percent higher than the same period in 2007. Mexico, Brazil, Venezuela and Colombia posted strong results, according to the earnings statement from Weatherford. Revenue grew sequentially across all product lines, with artificial lift, directional & under balanced and integrated drilling standing out as the top performers.

U.S.-based Caterpillar Inc, the world’s largest maker of bulldozers and excavators, boosted Latin America sales by 32 percent last year to $6.0 billion. Of that, machinery accounted for $4.1 billion, a 30 percent increase from 2007.

Software AG, Germany's second-largest software company, boosted 2008 revenues thanks to its entry into the Brazilian market, it said. However, it did not provide financial details on Brazil or Latin America.


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