Major oilfield services provider
) reported adjusted earnings per share from continuing operations
of 83 cents, in line with the Zacks Consensus Estimate and 23.9%
higher from the 67 cents per share reported in the year-ago
period. The result was supported by significant operating
activities from the international markets.
Halliburton is one of the 'big 4 oil service companies' in the
world. Among the other three members,
Baker Hughes Inc.
) have posted above consensus results. The remaining member of
Weatherford International Ltd.
), is scheduled to report earnings on Nov 5, 2013.
Revenues of $7,472.0 million were 5.1% higher than $7,111.0
million, achieved during the third quarter of 2012. The revenue
figure, however, failed to beat the Zacks Consensus Estimate of
$7,513.0 million owing to reduced sales in North America.
During the quarter, North America accounted for approximately
51.9% of Halliburton's total revenue and 54.2% of its operating
Completion & Production:
Revenues for Halliburton's Completion and Production segment came
in at $4,501.0 million, representing a year over year increase of
4.9%. The figure was also up by 3.2% sequentially.
Operating income for the unit came in at $763.0 million, an
increase of 29.1% from the year-earlier level. Moreover, the
segment's profit was up 4.2% from the previous quarter.
Impressive cementing works in Russia and Norway along with
Mexico's improved stimulation vessel activities aided the
Drilling & Evaluation:
Revenues from Halliburton's Drilling and Evaluation business were
5.4% above the third-quarter 2012 level and also improved 0.6%
sequentially to $2,971.0 million.
Income in the Drilling and Evaluation unit increased 4.7% from
the year-ago period and 8.4% sequentially to $450.0 million.
BAKER-HUGHES (BHI): Free Stock Analysis
HALLIBURTON CO (HAL): Free Stock Analysis
SCHLUMBERGER LT (SLB): Free Stock Analysis
WEATHERFORD INT (WFT): Free Stock Analysis
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The year-over-year results were supported by increased margin in
Argentina and Mexico along with significant improvement in the
drilling activities in Angola and Norway.
Halliburton declared that it bought back roughly 68 million
common shares during the quarter, for a total consideration of
Halliburton's capital expenditure in the third quarter was $679.0
million. As of Sep 30, 2013, the company had approximately
$1,491.0 million in cash/cash equivalents and $7,816.0 million in
long-term debt, representing a debt-to-capitalization ratio of
As of now, Halliburton, carries a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.