Shares of Halliburton Co. (HAL) slipped 0.4% in premarket trading on Tuesday, marking a minor setback after the oil services company delivered solid third-quarter profits. While revenue fell slightly short of expectations, Halliburton demonstrated its resilience amidst a challenging North American market.
Impressive Growth in Net Income
Halliburton's net income for the quarter rose to $716 million, or 79 cents per share, compared to $544 million, or 60 cents per share, during the same period last year. This exceeded the projected earnings per share of 77 cents, as determined by FactSet.
Halliburton's revenue for Q3 increased by 8.3% to $5.804 billion. Although this figure slightly missed the FactSet consensus of $5.848 billion, it still showcases a positive growth trajectory for the company. Notably, international revenue experienced a significant boost, surging by 17.4% to reach $3.196 billion. However, North America revenue declined by 1% to $2.608 billion.
CEO Jeff Miller Expresses Optimism
Chief Executive Jeff Miller expressed his satisfaction with the stability of their North America business and emphasized the profitability of the company's international growth. Miller stated, "Everything I see today strengthens my conviction in the long duration of this upcycle. Against this backdrop, we expect continued demand growth for oilfield services in 2024 and beyond."
Despite a three-day losing streak, Halliburton's stock has demonstrated resilience, pulling back only 3.7% over the past two sessions following its highest close since July 2018 on October 19th at $43.26. Additionally, over the past three months, Halliburton has rallied an impressive 8.9%, outperforming the S&P 500, which has experienced a 7.4% decline during the same period.
As Halliburton Co. continues to navigate the challenges within the oil services industry, their strong performance in the third quarter has set a promising foundation for future growth.
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