(By Balachander) Halliburton Co. (NYSE:HAL), an oilfield services company, posted lower quarterly earnings as operating income at one of its segments plunged due to pricing pressure and reduced activity in the North America region.
Earnings from continuing operations declined 28 percent to $608 million. On a per share basis, earnings from continuing operations fell 29 percent to 65 cents.
Excluding items, EPS from continuing operations were 67 cents, in-line with consensus estimates for the third quarter.
Revenue grew 8.7 percent to $7.11 billion, versus market expectations of $7.14 billion. Revenue from North America rose 1.8 percent and Latin America revenue jumped 18 percent, and other regions such as Europe and Middle East also registered top-line gains.
Completion and Production (C&P) revenue inched up 0.7 percent and operating income declined 45 percent.
In the second quarter, Halliburton earned 80 cents a share on revenue of $7.23 billion.
The Houston, Texas-based company provides services and products to the energy industry related to the exploration, development, and production of oil and natural gas.
HAL shares, which have been trading in the range of $26.28 to $40.43 over the past year, closed Tuesday's regular trading at $34.56.