Halliburton Q2 Profit Climbs 54%

Printer Friendly Version

Halliburton, the world's second-largest oilfield services provider, said its second-quarter profit surged 54% to $739 million, or 80 cents per share, from $480 million, or 53 cents per share, a year earlier as revenue soared 35% to $5.9 billion. Excluding one-time items, Halliburton earned 81 cents a share. Analysts were expecting a profit of 74 cents on revenue of $5.71 billion.

Texas-based Halliburton (HAL) said its North American revenue climbed 63% to $3.45 billion. The company is forecasting a small slowdown in North American revenue in the back half of this year, but expects international sales to pickup incrementally. Analysts said there was little in the way of surprises in Halliburton's results.

Halliburton CEO David Lesar said on the company's conference call that he expects international earnings will eventually be a big driver for the company, but in the near-term, there is some divide in the company's global business as the North Sea and Russia continue to perform well while other global markets hampered the company's second-quarter margins.

Halliburton is the top seller of hydraulic fracturing, or fracking, services in North America, according to the Wall Street Journal. Halliburton's primary rival Schlumberger (SLB), the world's largest oilfield services provider, delivers its second-quarter results on Friday.