Halliburton Company (NYSE:HAL, XETRA:HAL) reported second quarter results that exceeded Wall Street expectations, but shares fell more than 6% after management warned that the oilfield services market is weakening more than previously anticipated in the short to medium term.
The oilfield services company posted adjusted earnings of $0.55 per share, ahead of the consensus estimate of $0.54
Revenue came in at $5.71 billion, surpassing analyst expectations of $5.51 billion. Net income for the quarter was $534 million, or $0.64 per diluted share, compared with $461 million, or $0.55 per diluted share, in the first quarter. Total revenue increased to $5.7 billion from $5.4 billion in the prior quarter, while operating income rose to $778 million from $679 million.
Halliburton generated $824 million in operating cash flow and $668 million in free cash flow during the quarter. The company also repurchased approximately $200 million of its shares. Halliburton CEO Jeff Miller highlighted the company’s international opportunities and improving North American activity. “I am pleased with Halliburton’s performance this quarter, and believe the global outlook for Halliburton is strong.