Halliburton revenue falls short of estimates
Oil services company Halliburton Co. said Wednesday it had net income of $6 million, or 1 cent a share, in the third quarter, after a loss of $54 million, or 6 cents a share, in the year-earlier period. Revenue fell to $3.833 billion from $5.582 billion. The FactSet consensus was for a loss per share of 6 cents and revenue of $3.906 billion. "In the near term, we remain cautious around fourth quarter customer activity due to holiday and seasonal weather-related downtimes," Chief Executive Dave Lesar said n a statement. "However, it does not change our view that things are getting better for us and our customers." He said the company is pleased to have returned to profit "given the devastation our industry has faced over the last two years." Shares were down 0.9% premarket, but are up 38% in the year so far, while the S&P 500 has gained 4.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.