Halliburton (NASDAQ: HAL) shares taxied somewhat soon before Monday noon, as the oilfield services company came in five cents a share above estimates, with adjusted quarterly profit of 23 cents per share.
Revenue also exceeded estimates. Its results were driven by increased demand in the North American market.
Halliburton announced today income from continuing operations of $28 million, or $0.03 per diluted share, for the second quarter of 2017. Adjusted income from continuing operations for the second quarter of 2017, excluding a fair market value adjustment associated with an expected promissory note in Venezuela, was $201 million, or $0.23 per diluted share.
Total company revenue this quarter was $5.0 billion, representing a 16% increase compared to the first quarter of this year, while total adjusted operating income was $408 million. These results were primarily driven by continued strengthening of market conditions in North America, which were partially offset by pricing pressure internationally.
North America revenue in the second quarter of 2017 was $2.8 billion, a 24% increase. International revenue in the second quarter of 2017 was $2.2 billion, a 7% increase sequentially, resulting primarily from higher drilling activity in Latin America
Said CEO Jeff Miller, “I am very pleased with our second quarter results. We continue to execute our strategy to maximize asset value for our customers and deliver differentiated services that we believe will generate superior returns over the long term”.
Shares moved into noon hour ET at $43.30, off $1.08, or 2.4%, from Friday’s close, within a 52-week trading range of $40.12 to $58.78.
