Halliburton 4Q profit up on international strength

Published on NewsOK Modified: January 21, 2014 at 6:53 am •  Published: January 21, 2014
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NEW YORK (AP) — Halliburton's fourth-quarter net income rose 19 percent, led by growth in its international operations.

The oilfield-services company's results beat Wall Street expectations and its shares rose almost 2 percent in premarket trading Tuesday.

The Houston-based company earned $793 million, or 93 cents per share, for the three months ended Dec. 31. That compares with $669 million, or 72 cents per share, a year earlier.

Income from continuing operations was 90 cents per share. When removing restructuring charges, it was 93 cents per share.

Analysts polled by FactSet expected earnings of 89 cents per share

Revenue increased 5 percent to $7.64 billion from $7.29 billion, with strength in its Middle East/Asia and Europe/Africa/Commonwealth of Independent States regions. The latter region includes countries such as Russia and the Ukraine.

Wall Street expected revenue of $7.55 billion.

North American revenue climbed 2 percent from a year ago, but dipped 1 percent when compared with the third quarter. Halliburton said that the sequential performance was hurt by seasonal activity disruptions tied to the weather and holidays.

Halliburton Co. is a big provider of services used in hydraulic fracturing or "fracking," a method of unlocking oil and gas trapped in underground rock formations. Competition has increased for these pressure-pumping services, which has pushed prices down and hurt Halliburton's margins.