HOUSTON (AP) — Halliburton Co. (HAL) on Monday reported third-quarter net income of $435 million.
The Houston-based company said it had net income of 50 cents per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The provider of drilling services to oil and gas operators posted revenue of $6.17 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $6.13 billion.
“I am pleased with our overall financial results for the third quarter. Our team optimized our performance in North America in the face of short-term challenges, and the recovery of our international operations continued,” said Jeff Miller, President and CEO, in a news release..
“Total company revenue of $6.2 billion was essentially flat quarter over quarter, while operating income was $716 million, a 9% decrease compared to the second quarter of 2018, largely due to the softening North America market for completion services,” he said.
“In North America, a combination of offtake capacity constraints and our customers’ budget exhaustion led to less demand than expected for completion services. I believe that these are temporary issues, and that the catalysts for improving demand for services are clearly visible: supportive commodity pricing, expanding offtake capacity, building well inventory, and reloaded customer budgets,” he said.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HAL at https://www.zacks.com/ap/HAL