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Halliburton’s quarterly profit jumps 83%

Steve Gelsi
July 19, 2010 

Halliburton Co.’s second-quarter net income climbed 83% on an uptick in its North American land-drilling business and overseas growth, but the company also signaled Monday that the drilling moratorium in the Gulf of Mexico would have an impact on profits for the year.

Shares of Halliburton rallied 6% to close at $29.17 on Monday.

The Houston-based oil-services giant /quotes/comstock/13*!hal/quotes/nls/hal (HAL 29.17, +1.66, +6.03%) earned $480 million, or 53 cents a share, up from $262 million, or 29 cents, in the year-ago second quarter. Earnings from continuing operations totaled 52 cents a share.

Quarterly revenue reached $4.39 billion from the prior year’s $3.49 billion.

Analysts had expected Halliburton to earn 36 cents a share on revenue of $4.08 billion, according to the consensus in a survey of estimates by FactSet Research.

Full article here [1]