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The
company earned 31 cents per share on an adjusted basis, higher
than analysts' average estimate of 27 cents, according to
Thomson Reuters I/B/E/S.
However, total revenue fell nearly 36 percent to $5.58 billion,
missing analysts' estimate of $5.64 billion.
Revenue nearly halved in North America in the third quarter
ended Sept. 30, mainly due to weak drilling activity and
pricing. The region accounts for nearly 50 percent of the
company's revenue.
Net loss attributable to the company was $54 million, or 6 cents
per share, in the third quarter, compared with a profit of $1.20
billion, or $1.41 per share, hurt mainly by charges related to
asset write-offs and severance costs.
“We are pleased with our third-quarter results, especially the
resilience of our international business, where we outperformed
our largest peer on a sequential and year-over-year basis for
both revenue and margins,” President Jeff Miller said.
(Reporting by Sneha Banerjee and Amrutha Gayathri in Bengaluru;
Editing by Anil D'Silva)
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