Shares of Halliburton Co.
HAL,
slipped 0.4% toward a three-day losing streak in premarket trading Tuesday, after the oil services company topped third-quarter profit expectations but came up a bit short on revenue, amid weakness in North America. Net income rose to $716 million, or 79 cents a share, from $544 million, or 60 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 77 cents. Revenue grew 8.3% to $5.804 billion, below the FactSet consensus of $5.848 billion. North America revenue fell 1% to $2.608 billion, while international revenue jumped 17.4% to $3.196 billion. “I am pleased with the stability of our North America business and the profitability of our international growth,” said Chief Executive Jeff Miller. “Everything I see today strengthens my conviction in the long duration of this upcycle. Against this backdrop, we expect continued demand growth for oilfield services in 2024 and beyond.” The stock has pulled back 3.7% over the past two sessions after closing Oct. 19 at $43.26, the highest close since July 2018. It has rallied 8.9% over the past three months through Monday while the S&P 500
SPX,
has shed 7.4%.
