Haliburton' Co.'s (HAL) Income Doubles
Halliburton Co.'s profit more than doubled in the second quarter, getting a $933 million lift from the separation of former subsidiary KBR Inc. But even without that gain, the results still beat the consensus Wall Street forecasts for the oilfield services contractor. Its shares rose 4 percent.
Earnings of $1.5 billion for the April-June period, which amounted to $1.62 per share, compared with income of $591 million, or 55 cents a share, in the year-ago period, Halliburton said Monday.
Revenue in the quarter rose 20 percent to $3.7 billion from $3.1 billion a year ago. The company said sales rose worldwide, particularly in the Eastern Hemisphere.
Excluding the gain from the KBR split, Halliburton said income from continuing operations in the quarter was $595 million, or 63 cents a share, up from $498 million, or 47 cents a share, in the second quarter of 2006.
Wall Street analysts polled by Thomson Financial had forecast earnings of 56 cents a share on revenue of $3.5 billion. The analysts' forecast typically excludes one-time items.
Earnings of $1.5 billion for the April-June period, which amounted to $1.62 per share, compared with income of $591 million, or 55 cents a share, in the year-ago period, Halliburton said Monday.
Revenue in the quarter rose 20 percent to $3.7 billion from $3.1 billion a year ago. The company said sales rose worldwide, particularly in the Eastern Hemisphere.
Excluding the gain from the KBR split, Halliburton said income from continuing operations in the quarter was $595 million, or 63 cents a share, up from $498 million, or 47 cents a share, in the second quarter of 2006.
Wall Street analysts polled by Thomson Financial had forecast earnings of 56 cents a share on revenue of $3.5 billion. The analysts' forecast typically excludes one-time items.
Labels: HAL, Haliburton Co.
posted by Stock Administrator @ 2:46 PM
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