Halliburton profit tops estimates on strong North America demand

[October 23, 2017]  (Reuters) - Oilfield services provider Halliburton Co on Monday reported a third-quarter profit that topped analysts' estimates, driven by better pricing and increased activity in North America, its biggest market.

 The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo

The rig count in the United States, an early indicator of future output, stood at 743 for the year, the lowest since June, but still much higher than last year's 432 as activity increased in anticipation of higher crude prices. [RIG/U]

Halliburton said revenue from North America surged 91 percent to $3.16 billion in the three months ended Sept. 30, due to a "strengthening of market conditions" in the region.

Total revenue rose 42 percent to $5.44 billion.

Net profit attributable to Halliburton rose to $365 million, or 42 cents per share, in the quarter, from $6 million, or 1 cent per share, a year earlier.

Halliburton said in the nine months ended Sept. 30, 2016, which included its third quarter a year ago, it recorded a $3.5 billion charge after terminating a proposed deal to acquire Baker Hughes <BHGE.N>.

Analysts on average were expecting Halliburton to earn a profit of 37 cents per share in the latest quarter, according to Thomson Reuters I/B/E/S.

Halliburton's shares were up 1.08 percent in thin premarket trading on Monday.

(Reporting by Yashaswini Swamynathan and Nivedita Bhattacharjee in Bengaluru)

[© 2017 Thomson Reuters. All rights reserved.]

Copyright 2017 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.