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Halliburton results beat expectations, sees turn in North America market

Halliburton Co. reported Wednesday that it swung to a second-quarter loss of $3.21 billion, or $3.73 a share, from a profit of $54 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $3.5 billion termination fee for terminating the merger agreement with Baker Hughes Inc. , the adjusted per-share loss came in at 14 cents, compared with the FactSet consensus loss of 19 cents. Revenue fell to $3.84 billion from $5.92 billion, but was above the FactSet consensus of $3.76 billion. North America revenue declined 15%, while the average rig count was down 23%. “After falling 78% from the November 2014 peak, the US rig count reached a landing point during the second quarter, as we predicted during our last earnings call,” said Chief Executive Dave Lesar. “”We believe the North America market has turned.” The stock, which was still inactive in premarket trade, has climbed 32% year to date, while the S&P 500 has gained 5.9%.

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Halliburton results beat expectations, sees turn in North America market Reviewed by on . Halliburton Co. reported Wednesday that it swung to a second-quarter loss of $3.21 billion, or $3.73 a share, from a profit of $54 million, or 6 cents a share, Halliburton Co. reported Wednesday that it swung to a second-quarter loss of $3.21 billion, or $3.73 a share, from a profit of $54 million, or 6 cents a share, Rating:
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