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Halliburton 3Q profit rises, tops Street view
Houston » Halliburton Co.'s third-quarter net income climbed 17 percent as revenue rose overseas. Its adjusted results topped analysts' estimates, but revenue fell slightly short.
The stock slipped in premarket trading Monday.
For the three months ended Sept. 30, the Houston-based oilfield operator earned $706 million, or 79 cents per share. A year earlier it earned $602 million, or 65 cents per share.
Removing restructuring charges of 4 cents per share, income from continuing operations was 83 cents per share.
Analysts predicted earnings of 82 cents per share, according to a FactSet survey.
Revenue climbed 5 percent to $7.47 billion from $7.11 billion thanks to better performances in Latin America, Europe, Africa and the Commonwealth of Independent States region.
North American revenue declined as U.S. land rig count remained sluggish and oversupply of service capacity pressured pricing in some areas.
Revenue rose for the completion and production and drilling and evaluation divisions and set quarterly revenue records, Chairman, President and CEO Dave Lesar said in a statement.
Wall Street expected $7.5 billion in revenue.
Looking ahead, Lesar cautioned that Latin America's fourth quarter revenue and margins will be hurt by curtailed activity in Mexico. But he said the company still has a positive outlook for the region. Halliburton anticipates margin improvement in North America next year as activity expands in the Gulf of Mexico and some initiatives take hold.
The stock slipped 48 cents to $51.99 in premarket trading Monday