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Halliburton Q3 profit falls YOY

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Halliburton Q3 profit falls YOY

Halliburton Co. said its third-quarter normalized net income amounted to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS fell 76.3% year over year from $1.13.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $229.0 million, a decline of 76.3% from $966.8 million in the year-earlier period.

The normalized profit margin declined to 4.1% from 11.1% in the year-earlier period.

Total revenue declined 35.8% on an annual basis to $5.58 billion from $8.70 billion, and total operating expenses fell 28.1% year over year to $5.08 billion from $7.07 billion.

Reported net income came to a loss of $51.3 million, or a loss of 6 cents per share, compared with income of $1.14 billion, or $1.33 per share, in the year-earlier period.