Halliburton Beats Profit Target, but North American Business Slows
July 22 2019 - 10:02AM
Dow Jones News
By Micah Maidenberg
Halliburton Co. beat profit expectations for the second quarter,
but the oilfield-services company said its business in North
America slowed down.
Halliburton on Monday reported 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 of analysts polled by FactSet.
Shares rose 2% in premarket trading.
North American revenue for the second quarter dropped 13% to
$3.33 billion from a year earlier, the Houston-based company
said.
Overall, Halliburton reported revenue of $5.93 billion, down
about 4% from a year earlier. Analysts had predicted revenue of
$5.97 billion.
Oilfield-services companies have been challenged as U.S. shale
drillers have moved 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. estimated that U.S. shale
drillers have cut spending this year by 10%. The company said its
North American revenue fell to $2.8 billion in the second
quarter.
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 09:47 ET (13:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Halliburton (NYSE:HAL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Halliburton (NYSE:HAL)
Historical Stock Chart
From Sep 2023 to Sep 2024