Halliburton stock was down on Monday despite the company reporting an earnings beat for the third quarter of 2018.
Halliburton (NYSE:HAL) reported earnings per share of 50 cents for the third quarter of the year. This is an increase over the company’s earnings per share of 42 cents from the third quarter of 2017. It also beat out Wall Street’s earnings per share estimate of 49 cents for the period, but couldn’t keep Halliburton stock from falling today.
Net income reported by Halliburton for the third quarter of 2018 came in at $434 million. This is better than the company’s net income of $361 million that was reported during the same period of the year prior.
During the third quarter of the year, Halliburton reported operating income of $716 million. The oil field service company reported operating income of $642 million in the third quarter of the previous year.
Halliburton also reported revenue of $6.17 billion for the third quarter of 2018. This is up from the company’s revenue of $5.44 billion reported during the same time last year. It also came in above analysts’ revenue of $6.13 billion for the quarter, but was unable to prevent Halliburton stock’s fall today.
While Halliburton did beat out estimates for the third quarter of the year, it’s performance in North America wasn’t up to snuff. The company says that revenue in North America during the quarter was down 2% to $3.70 billion. International revenue fared much better, but is still in a state of recovery.
HAL stock was down 3% as of Monday morning and is down 24% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.