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Halliburton Company (HAL) Stock Drops on Worries About International Weakness

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Halliburton Company (NYSE: HAL ) stock was down on Monday following a warning about international weakness.

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Halliburton Company Chairman and CEO Dave Lesar warned investors that the company will likely still face troubles in international areas despite the North American oil business recovering. He says the company doesn't expects to see "inflection in the international markets until the latter half of 2017."

Halliburton Company's warnings about international weakness came in its earnings report for the fourth quarter of 2016. HAL saw revenue of $4.02 billion during this time. That is down from the revenue of $5.08 billion during the same time last year. It also didn't meet Wall Street's revenue estimate of $4.09 billion for the quarter.

While Halliburton Company's revenue for the fourth quarter of 2016 was below estimates, it earnings per share weren't. The oil company saw earnings per share of 4 cents for the quarter. This is down from the 31 cents per share from the year prior. However, it came in above analysts' earnings per share estimate of 2 cents for the period.

Halliburton Company also reported a net loss of $149 million during its fourth quarter of 2016. This is worse than the net loss of $26 million that it reported during the fourth quarter of 2015.

"2016 was a year of transition, and as we move into 2017 our focus will be on driving industry leading returns," Lesar said in a statement . "We will continue to maintain our financial flexibility, leverage our strong balance sheet to invest in our broad service portfolio and strengthen our long term market position."

HAL stock was down 4% as of Noon Monday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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