Monday, July 18, 2011

Halliburton Co. (NYSE: HAL): Q2 2011 Earnings Roundup

Halliburton Co. (NYSE: HAL) said Monay that its second-quarter net income jumped 54% to $739 million, or 80 cents a share, from $480 million, or 53 cents, in the year-ago quarter. Excluding employee separation costs of $8 million, after-tax, or $0.01 pe share, net income for the second quarter of 2011 was $747 million, or 81 cents per share. Revenue climbed 35% to $5.94 billion from $4.39 billion. Analysts, on average, expected the company to report earnings of 72 cents per share on revenue of $5.65 billion.

"I am extremely pleased with our second quarter results as total revenue set yet another company record. North America continues to deliver very strong growth in revenue and profitability, while international profit recovered modestly. As a whole, our level of operating margin was the highest it has been since 2008," said Dave Lesar, chairman, president, and chief executive officer.

"North America revenue grew by 16% sequentially compared to United States rig activity growth of 6%, with incremental operating margins of greater than 50% for both divisions. This was driven by the execution of our North America growth strategy in liquids-rich basins, and our customers' continued adoption of our integrated solutions."

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