Halliburton earnings for the second quarter of 2019 have HAL stock heading higher on Monday.
Halliburton (NYSE:HAL) starts off its earnings report for the second quarter of the year with earnings per share of 35 cents. That’s down roughly 39%% from its earnings per share of 58 cents from the same time last year. However, it was a boon to HAL stock by blowing past Wall Street’s earnings per share estimate of 30 cents for the quarter.
Net income reported in the Halliburton earnings release for the second quarter of 2019 comes in at $77.00 million. This is a drop from the company’s net income of $508 million from the second quarter of 2018.
Halliburton earnings for the second quarter of the year also includes operating income of $303 million. This is a decrease from the company’s operating income of $789 million reported in the same period of the year prior.
The Halliburton earnings report for the second quarter of 2019 has revenue coming in at $5.93 billion. That’s worse than the oil company’s revenue of $6.15 billion from the second quarter of the previous year. This also has it missing analysts’ revenue estimate of $5.97 billion for the period, but that wasn’t keeping HAL stock down today.
Halliburton notes that it suffered pre-tax impairment charges of $247 million in the second quarter of the year. It says that these costs were in connection to asset impairments and severance costs. The company is altering its business size and these charges are a part of that effort.
HAL stock was up 7% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.