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Halliburton Drops in Q2 Despite Gains Abroad

Halliburton (NYSE:HAL) announced Monday that its second-quarter net income dropped to $737 million from $739 million last year, or to 79 cents per share, down a penny from 2011. Minus a one-time charge of a penny, HAL’s adjusted earnings of 80 cents beat analysts’ calls by 5 cents.

HAL stock was up more than 2% early Monday.

The oilfield services company blamed the decline on a shortage of guar gum — a necessary resource for hydraulic fracturing — which led to increased costs. Additionally, Halliburton faced greater competition. According to Baker Hughes (NYSE:BHI), the number of oil and gas rigs in the U.S. increased almost 8% in the past year.

Though Halliburton encountered setbacks at home, international sales rose 24% to $3 billion, aiding an overall 22% increase in sales to $7.23 billion.

Ryan Hauck, InvestorPlace

Article printed from InvestorPlace Media, https://investorplace.com/2012/07/halliburton-drops-in-q2-despite-gains-abroad/.

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