Halliburton, Helix and peers post mixed Q1s

Halliburton (HALd) reported first‑quarter 2026 revenue of $5.4 billion and profit of $0.55 per share, beating analyst expectations on both metrics. Revenue was flat year on year but 1.9% ahead of forecasts, while earnings were 10.6% above consensus.

Operating margin improved to 13% from 8% a year earlier, and adjusted EBITDA reached $974 million, 3.1% above expectations. The company also repurchased about $100 million of shares in the quarter, and its stock is up 32.1% year to date, trading near a 52‑week high.

Rising oil prices underpin the backdrop: Brent crude traded above $100 per barrel, supporting sentiment toward oilfield services. Halliburton’s (HALd) shares rose 2.2% on the day highlighted, after a 4% gain the prior session when the earnings beat was first absorbed by the market.

Offshore specialist Helix Energy Solutions reported Q1 calendar 2026 revenue of $287.9 million, up 3.6% year on year and 8.4% above analyst estimates. Free cash flow was $59 million, a 20.5% margin and 16.2 percentage points higher than a year earlier.

Profitability was mixed. Helix posted a GAAP loss of $0.09 per share, in line with expectations. Operating margin fell to –4.6% from 2.9% a year earlier, and EBITDA margin declined to 11.2%, down 7.5 percentage points. Management said expenses grew faster than revenue and adjusted EBITDA missed forecasts.

CEO Owen Kratz highlighted seasonal slowdowns in the North Sea and U.S. Gulf shelf and costs linked to a Thunder Hawk field workover. He pointed to more than half a billion dollars in cash and said recent commodity price increases and government actions in the North Sea were improving demand and decommissioning incentives, with momentum expected to build in offshore markets in late 2026 and 2027.

Kinder Morgan’s Executive Chairman Richard Kinder said the company’s Q1 2026 performance marked "a remarkable first quarter", describing it as the best he could remember, with adjusted EPS up 41% and EBITDA up 18% year on year. Every segment grew and exceeded internal budget targets, led by natural gas pipelines.

Kinder Morgan now expects to exceed its 2026 EBITDA budget by more than 3%, excluding any contribution from its agreed acquisition of the Monument pipeline system in Texas for about $500 million. The deal is supported by long‑term contracts and is described as a natural fit with its network.

Kinder cited studies suggesting North America may need 70 billion cubic feet per day of new gas pipeline capacity by 2050 and forecast U.S. gas demand of 150 Bcf per day by 2031, about 27% above current levels. He argued that recent disruptions in Qatar and the Strait of Hormuz are likely to increase preference for U.S. LNG.

For Q2 2025, Otis Worldwide reported net sales of $3.6 billion, flat year on year with organic sales down 2%. Service remained the growth engine, with organic service sales up 4% and the maintenance portfolio also up 4% to an industry‑leading 2.4 million units under service.

Modernization orders rose 22% and its modernization backlog increased 16% at constant currency. Combined new equipment and modernization orders grew 4% in the quarter, but new equipment orders alone declined 1%, reflecting continued weakness in China, where orders fell more than 20% amid economic challenges.

Otis maintained its 2025 adjusted operating profit outlook of $2.4 billion to $2.5 billion and adjusted EPS guidance of $4.00 to $4.10, implying 4% to 7% growth versus 2024. The company expects tariffs announced in 2025 to have a reduced full‑year impact of $25 million to $35 million after mitigation and more favorable reciprocal rates.

Solid‑state battery developer QuantumScape (QS) completed installation of its automated Eagle Line pilot production line in Q1 2026 and began producing initial volumes of QSE‑5 cells. Management plans to ramp QSE‑5 cell output in Q2 to support automotive and other customer programs.

QuantumScape (QS) reported Q1 2026 customer billings of $11 million, including its first ecosystem billings from partners Murata Manufacturing and Corning, which are investing in systems to produce its ceramic separator using the Cobra process. The company ended the quarter with $904.7 million in liquidity and reiterated full‑year 2026 adjusted EBITDA loss guidance of $250 million to $275 million and capex of $40 million to $60 million.

Lam Research (LRCX), supplying semiconductor fabrication tools, posted March‑quarter 2026 revenue of $5.84 billion, up 9% sequentially and 24% year on year, with its Customer Support Business Group revenue reaching $2.1 billion. Gross margin was 49.9% and operating margin 35%, both at the high end of guidance.

Lam raised its 2026 wafer fabrication equipment spending outlook to $140 billion from $135 billion and said most of an estimated $40 billion of NAND conversion investment needed to move to devices above 200 layers is now expected before the end of 2027. Management cited AI‑driven demand for higher‑performance memory and storage as a key driver of elevated equipment spending.