Halliburton Co. (HAL) – Get report On Monday, it posted a second-less-than-expected loss, but still posted revenue of less than half of last year’s total as the coronavirus pandemic halted oil drilling projects in key markets around the world.
Halliburton said its adjusted loss for the three months ending June was set at 5 cents a share, below a gain of 35 cents a share last year and modestly better than the Street consensus forecast. The company’s reported loss was $ 1.91 per share, or $ 1.7 billion. The group’s revenue, Halliburton said, fell 45.8% from a year ago to $ 3.2 billion, without analyst estimates for a $ 3.35 billion account.
North American revenue for the oil services group fell 57% from last year to $ 1 billion, largely due to reduced activity in various product lines in the Gulf of Mexico. International revenue, Halliburton said, fell 17% from last year to $ 2.1 billion.
“Halliburton’s second-quarter performance in a tough market shows that we can execute quickly and aggressively to deliver solid financial results and free cash flow despite a sharp drop in global activity,” said CEO Jeff Miller. “Our results demonstrate a significant and sustainable restoration of the power of our business to generate positive earnings and free cash flow.”
“Halliburton is charting a fundamentally different course,” he added. “The strategic actions we are taking will further boost our earning power and the ability to generate free cash flow as we empower ourselves and earn the eventual recovery.”
Halliburton shares were marked 2.9% lower in pre-market trading immediately after the earnings announcement to indicate an opening bell price of $ 12.70 each, a move that would extend the year-to-date decline. to about 48%.
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