Halliburton Earnings: HAL Stock Jumps on Mixed Q2 Results

Halliburton (NYSE:HAL) earnings for the second quarter of fiscal year 2020 have HAL stock climbing higher on Monday morning. This comes despite reported revenue of $3.2 billion coming in below Wall Street’s estimate of $3.31 billion for the quarter. However, the company’s adjusted earnings per share (EPS) of 5 cents beat analysts’ expectations of an 11-cent loss.

The Halliburton (HAL) logo on the website homepage

Source: Casimiro PT / Shutterstock.com

Additionally, the company reported GAAP losses per share of $1.91 for the period.

Here is what else is worth mentioning from the most recent Halliburton earnings report.

  • Adjusted EPS was down 85.7% from 31 cents during Q2 2019.
  • Revenue for the quarter comes in 46% lower compared to $5.93 billion during the same time last year.
  • Operating loss of $1.91 billion is a negative switch year-over-year from operating income of $303 million.
  • The Halliburton earnings report also includes a net loss of $1.68 billion.
  • That’s much worse than net income of $77 million from the second quarter of 2019.

Jeff Miller, chairman, president and CEO of Halliburton, said this about the HAL stock earnings:

“Halliburton’s second quarter performance in a tough market shows we can execute quickly and aggressively to deliver solid financial results and free cash flow despite a severe drop in global activity. Our results demonstrate a significant and sustainable reset to the power of our business to generate positive earnings and free cash flow”

The company does not include any sort of FY2020 guidance. That said, we know what Wall Street is expecting. Analysts’ estimates call for a loss of 5 cents on revenue of $14.58 billion for the period.

HAL stock was up 6.6% as of Monday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/halliburton-earnings-hal-stock-jumps-on-mixed-q2-results/.

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