Shares of Halliburton Co. (NYS:HAL) rose 2.1% in premarket trading Monday, after the oil services company reported a third-quarter adjusted profit that topped expectations while revenue fell below forecasts. The company swung to a net loss of $17 million, or 2 cents a share, from net income of $295 million, or 34 cents a share, in the year-ago period. Excluding non-recurring items, such as $133 million for severance and other charges, adjusted earnings per share came to 11 cents, above the FactSet consensus of 8 cents. Revenue declined 46% to $2.98 billion, below the FactSet consensus of $3.09 billion. Completion and production revenue fell 55% to $1.57 billion to miss the FactSet consensus of $1.69 billion, while drilling and evaluation revenue dropped 31% to $1.40 billion to fall just shy of expectations of $1.42 billion. "The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing," said Chief Executive Jeff Miller. The stock has dropped 49.9% year to date through Friday, while the SPDR Energy Select Sector ETF (PSE:XLE) has shed 49.7% and the S&P 500 (S&P:SPX) has gained 7.8%.
Oct. 19, 2020, 6:56 a.m. EDT