Halliburton tops Q2 earnings estimates as CEO warns of softer oilfield services market

Halliburton Company (NYSE:HAL, XETRA:HAL) reported 2nd 4th results that exceeded Wall Street expectations, but shares fell much than 6% aft absorption warned that the oilfield services marketplace is weakening much than antecedently anticipated successful the abbreviated to mean term.

The oilfield services institution posted adjusted net of $0.55 per share, up of the statement estimation of $0.54.

Revenue came successful astatine $5.71 billion, surpassing expert expectations of $5.51 billion.

Net income for the 4th was $534 million, oregon $0.64 per diluted share, compared with $461 million, oregon $0.55 per diluted share, successful the archetypal quarter. Total gross accrued to $5.7 cardinal from $5.4 cardinal successful the anterior quarter, portion operating income roseate to $778 cardinal from $679 million.

Halliburton generated $824 cardinal successful operating currency travel and $668 cardinal successful escaped currency travel during the quarter. The institution besides repurchased astir $200 cardinal of its shares.

Halliburton CEO Jeff Miller highlighted the company's planetary opportunities and improving North American activity.

"I americium pleased with Halliburton's show this quarter, and judge the planetary outlook for Halliburton is strong. I expect our differentiated exertion and worth proposition acceptable the signifier for gross maturation and borderline expansion," Miller stated successful the net release.

He added that planetary markets proceed to contiguous maturation opportunities, citing declaration awards and a pipeline of aboriginal work, portion noting that North America showed signs of betterment during the 4th with expectations for further incremental betterment done the year.

However, capitalist sentiment was weighed down by Miller's much cautious outlook for the broader industry. He precocious warned that the oilfield services marketplace is expected to beryllium softer than antecedently anticipated implicit the abbreviated to mean term, citing a diminution successful planetary upstream spending, little drilling enactment successful North America, and geopolitical challenges successful the Middle East.