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By Patrick Thomas
Oilfield services company Halliburton Co. (HAL) said its profit fell for its third quarter as revenue declined 10% amid softness in its North America business.
The Houston-based company reported a profit of $295 million, or 34 cents a share, compared with $435 million, or 50 cents a share, a year ago.
Analysts polled by FactSet were expecting earnings of 35 cents a share.
Revenue fell to $5.6 billion from $6.17 billion a year earlier. Analysts had expected $5.82 billion of revenue in the quarter. North America revenue decreased 11% sequentially, driven by customer activity declines, the company said.
Oilfield-services companies face a challenge as U.S. shale drillers look to cut spending amid a production slowdown.
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(END) Dow Jones Newswires
October 21, 2019 07:14 ET (11:14 GMT)
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