Halliburton Increased Net Profit by 16% in the Second Quarter
American oilfield services company Halliburton Co. increased net profit by 16.2% in the second quarter, which was in line with analysts’ expectations, while revenue grew by only 0.6% and did not meet the forecast.
According to the company’s press release, its net profit in April-June amounted to $709 million, or 80 cents per share, compared to $610 million, or 68 cents per share, for the same period last year.
Revenue rose to $5.833 billion against $5.798 billion a year earlier. Including revenue in the segment of equipment for wells and their maintenance (Completion and Production) decreased by 2.2% and amounted to $3.401 billion, in the segment of reserve evaluation and well drilling (Drilling and Evaluation) – increased by 4.7%, to $2.432 billion.
Experts surveyed by FactSet, on average, estimated the company’s profit at 80 cents per share with revenue of $5.947 billion.
Halliburton’s revenue from operations in North America in the last quarter fell by 8% – to $2.48 billion. Revenue from international operations increased by 8% and amounted to $3.4 billion, including in Latin America – by 10.4%, in the Middle East and Asia – by 6.2%, in Europe, Africa and the CIS – by 8.5%.
Halliburton shares are down 2.1% during preliminary trading on Friday. Over the past year, the company’s market value has remained virtually unchanged ($32.3 billion), while the Standard & Poor’s 500 stock index has gained more than 22%.
