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6 Months : From Jul 2019 to Jan 2020
By Patrick Thomas
Shares of Halliburton Co. (HAL) were up about 6%, to $19.51, after the oilfield services company reported its latest quarterly earnings.
The Houston-based company reported a lower profit and said its revenue fell to $5.56 billion from $6.17 billion a year earlier. Analysts had expected $5.82 billion of revenue in the quarter.
"We expect the stock to trade in-line with the market, on a blend of impacts including in-line earnings (neutral), continued international momentum (positive), and notable North American declines (the new playbook a positive, but offset by the challenged market conditions)," analysts at Stephens said in a research note.
On a conference call with analysts, Finance Chief Lance Loeffler said the company expects fourth-quarter revenue for its drilling and evaluation unit to be flat to up low single digits sequentially, with margin improvement in the range of 425 basis to 475 basis points.
"This is driven by year-end software and product sales combined with activity increases across our international markets, offset by lower demand in North America," he said.
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(END) Dow Jones Newswires
October 21, 2019 10:29 ET (14:29 GMT)
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