Halliburton Misses Revenue Target As North American Business Weakens
July 22 2019 - 7:39AM
Dow Jones News
By Micah Maidenberg
Halliburton Co. (HAL) said revenue from its business in North
America fell in the latest quarter.
North American revenue for the second quarter dropped 13% to
$3.33 billion from the year-earlier period, the oilfield-services
company reported Monday.
Overall, Halliburton reported revenue of $5.93 billion, down
about 4% compared with last year. Analysts polled by FactSet
predicted $5.97 billion.
Oilfield-services companies face a challenge as U.S. shale
drillers look to cut spending amid a production slowdown. Facing
pressure from investors, producers have been looking to focus more
on returns and less on growth.
Last Friday, Schlumberger Ltd. (SLB) estimated that U.S. shale
drills have cut spending this year by 10%.
Halliburton reported a second-quarter profit of $75 million, or
nine cents a share, down from $511 million, or 58 cents a share, a
year earlier.
Excluding impairments and after other adjustments, Halliburton
reported a profit of 35 cents a share, five cents more than
expectations.
Houston-based Halliburton said revenue from other international
markets rose 13% to $2.6 billion.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 22, 2019 07:24 ET (11:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Halliburton (NYSE:HAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Halliburton (NYSE:HAL)
Historical Stock Chart
From Apr 2023 to Apr 2024