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Halliburton Company (NYSE: HAL) posted higher net income on revenue growth in the third quarter. What accounts for the company's robust revenue this quarter? Let's take a look behind the numbers and see what action you should take.
Earnings and Revenue:
Investors cheered Halliburton Company's latest numbers as the company announced EPS and revenues that topped predictions. The company reported adjusted net income of 94 cents/share versus the 92 cents/share estimate and revenues of $6.55 billion versus the $6.38 billion estimate. Revenue climbed 40.4% from the same period last year.
Last quarter marked the third in a row of rising net income. Halliburton Company has averaged revenue growth of 37.2% over the past five quarters.
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Income:
For the year, Halliburton Company reported net income of $3.04/share. The company trumped analyst projections of $2.94 by 3.4%. According to the reported number, the company's income rose 25.6% from last year's levels.
Conference Call:
The conference call for third quarter earnings can be accessed here.
Official Comment:
"I am extremely pleased with our third quarter results, as we set company records for revenue and operating income. North America continues to deliver very strong growth in revenue and profitability, while international profitability recovered at the rate we expected. Compared to the second quarter, our Completion and Production division grew revenue and operating income by 11% and 16%, respectively, and our Drilling and Evaluation division grew revenue and operating income by 9% and 14%, respectively," said Dave Lesar, chairman, president, and chief executive officer.
Industry:
The oil-field services company's industry is currently enjoying price/earnings growth of 5%. The company's EPS compares unfavorably with its industry's estimated average of $3.47.
What to Do Next:
Now you're all set to decide what to do with those Halliburton Company shares until the next earnings announcement. Whether you buy, sell, or hold, check back with us before the company's next earnings release for a full preview.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.