A Halliburton facility in Port Fourchon, Louisiana
Mira Oberman/AFP via Getty Images
Halliburton stock is dropping even after reporting earnings that topped analyst estimates.
Halliburton reported an adjusted profit of 28 cents a share, beating forecasts for 27 cents a share, on sales of $3.9 billion, ever so slightly below expectations for $3.91 billion.
“Our third quarter performance demonstrates the effectiveness of both our strategy and our execution. Total company revenue increased 4% sequentially, and adjusted operating income grew 6% with solid margins in both divisions,” CEO Jeff Miller said in the company’s earnings release.
Halliburton stock has benefited from surging oil prices, something that CEO Miller sees continuing. “I see a multi-year upcycle unfolding,” he said. “Structural global commodity tightness drives increased demand for our services, both internationally and in North America. I believe Halliburton is uniquely positioned in both markets to benefit from this improving environment.”
Halliburton stock has dropped 2.5% to $25.48 in premarket trading. Shares of Halliburton have gained 38% this year through Monday’s close, while the S&P 500 has risen 19% and the Dow Jones Industrial Average has advanced 15%.
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