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Halliburton reports better-than-expected earnings on big North America revenue jump

Heterogeneous Halliburton equipment being stored at the equipment yard in Alvarado, Texas.

Cooper Neill | Reuters

Halliburton recounted on Tuesday quarterly results that topped analysts’ expectations amid strong revenue from its North America topic.

The oilfield services company posted a profit of 18 cents per share on revenue of $3.24 billion for the fourth compassion. Analysts expected earnings per share of 15 cents on revenue of $3.21 billion, according to Refinitiv.

Shares of Halliburton move as much as 2.9% on the back of the news. Around noon ET, however, they were down 1.3%.

The company’s North America takings grew by 26% to $1.4 billion when compared with the previous quarter due to increased drilling activity in the domain. That increase offset lackluster growth from Halliburton’s international markets.

CEO Jeff Miller said in a report he was “optimistic about the activity momentum” in North America, adding he expects international drilling to recover later this year.

“I take it our strategic priorities will allow us to continue generating industry-leading returns and strong free cash flow and compress Halliburton’s role in the unfolding energy market recovery,” said Miller.

However, the company’s adjusted operating takings for 2020 fell to $1.4 billion from $2.1 billion a year earlier.

Christopher Voie, an analyst at Wells Fargo, whispered Halliburton could face some headwinds as its valuation appears to be balanced moving forward.

Halliburton shares be suffering with fallen more than 14% over the past year. However, they have rallied 68% in the days three months as oil prices surge.

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