Halliburton beats 4Q profit forecasts
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HOUSTON (AP) — Halliburton Co. on Tuesday reported fourth-quarter profit increased by 14 percent to $901 million.
On a per-share basis, the Houston-based company said it had profit of $1.06. Earnings, adjusted for one-time gains and costs, were $1.19 per share.
The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The provider of drilling services to oil and gas operators posted revenue of $8.77 billion in the period, which met Street forecasts.
For the year, the company said profit rose 65 percent to $3.5 billion, or $4.11 per share. Revenue rose 12 percent to $32.87 billion.
Halliburton shares have declined 0.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined almost 2 percent. The stock has declined 23 percent in the last 12 months.