HOUSTON (AP) — Halliburton Co. (HAL) on Tuesday reported fourth-quarter net income of $664 million, after reporting a loss in the same period a year earlier.
The Houston-based company said it had net income of 76 cents per share. Earnings, adjusted for pretax gains, were 41 cents per share.
The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The provider of drilling services to oil and gas operators posted revenue of $5.94 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $5.89 billion.
For the year, the company reported net income of $1.66 billion, or $1.89 per share, swinging to a profit in the period. Revenue was reported as $24 billion.
Halliburton shares have climbed 21 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6.5 percent. The stock has dropped 39 percent in the last 12 months.
“I am pleased with our overall financial results for the year and for the fourth quarter. Our team optimized our performance in North America as the market softened, and the recovery of our international business continued,” commented Jeff Miller, Chairman, President and CEO.
“The trajectory of this cycle has been far from smooth. As expected, in North America, the demand for completion services decreased during the fourth quarter, leading to lower pricing for hydraulic fracturing services.
“Our international business continues to show signs of a steady recovery, with revenue increasing 7% sequentially, underscoring the versatility and global reach of our business portfolio.
“As North American oil production reaches historic highs, operators focus on returns over growth, and the international recovery continues, Halliburton is well prepared to thrive. We intend to dynamically respond to the changing market environment, reduce capital spending, develop differentiating technologies, and generate strong cash flow.
“Halliburton celebrates 100 years of service in 2019. As we enter our next century, we will remain focused on collaborating with our customers and engineering solutions to maximize their asset value, and on delivering strong cash flow and industry-leading returns for our shareholders,” concluded Miller.
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