Halliburton Company (HAL) Stock Dips Despite Q3 Earnings Beat

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Halliburton Company (NYSE:HAL) saw its stock dip on Monday despite reporting an earnings beat for the third quarter of 2017.

Halliburton Company (HAL) Stock Dips Despite Q3 Earnings Beat

Halliburton Company reported earnings per share of 42 cents on revenue of $5.44 billion for the quarter. This came in above its earnings per share of 1 cent on revenue of $3.83 billion from the same time last year. It also beat out Wall Street’s earnings per share and revenue estimates of 37 cents and $5.35 billion for the quarter.

Halliburton Company’s third quarter of 2017 had it beating out estimates thanks to strong performance in North America. This includes revenue of $3.2 billion. The company says this is thanks to “increased utilization and pricing throughout the United States.”

While not as strong as its North America revenue, Halliburton Company also saw positive results from its International segment. Revenue from this segment was $2.3 billion. The company attributes this to more activity from its product lines in Latin America and increasing “pressure pumping services and drilling activity in the Eastern Hemisphere.”

During its third quarter of 2017, Halliburton reported operating income of $634 million. This is an increase over its operating income of $128 million from the same period in the year prior. Net income for the quarter was $361 million. This is up from the $7 million in net income reported in the third quarter of 2016.

Halliburton Company didn’t provide a guidance for the full year of 2017 in its most recent earnings report. However, Wall Street is expecting the oil and natural gas company to report earnings per share of $1.12 on revenue of $20.16 billion for the year.

HAL stock was down slightly as of Monday morning and is down 21% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/10/halliburton-company-earnings-hal-stock/.

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