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Halliburton Reports Higher Q3 Revenue

Its earnings declined by 12%, but met analysts' expectations


Halliburton (NYSE:HAL) said on Wednesday it earned $604 million during the third quarter, down almost 12% from $685 million in the same period last year. Adjusted EPS was 67 cents, matching Wall Street predictions, Reuters noted.

The oilfield services provider recorded quarterly revenue of $7.1 billion, up 9% from last year. Still, HAL shares dipped more than 1% in Wednesday morning trading.

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Company officials noted that margins at its North American operations declined more sharply than it had anticipated, while revenue dropped 5% compared to the previous quarter, due in part to shutdowns relating to Hurricane Isaac. Declining demand for hydraulic fracking equipment also dented North American results.

Revenue from overseas operations rose 2%, mostly on increased drilling activity in the Middle East and Latin America.

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