Halliburton Net Down 61%, Beats Street

Updated with recent stock quote.

HOUSTON (TheStreet) -- Halliburton(HAL Quote) on Friday reported net income dropped 61% in the third quarter, due to factors including continued pricing pressures in North America.

According to a press release issued Friday morning, the energy services giant reported earnings of $262 million, or 29 cents per share, which is off from the earnings totals from a year ago of $672 million, or 74 cents per share. The third quarter also included 2 cents per share in charges related to layoffs.

Revenues slid to $3.59 billion from $4.85 billion in the year-earlier quarter, though sales also rose 2% sequentially. The top and bottom-line efforts also topped Wall Street expectations, which forecast $3.42 billion and 26 cents, respectively.

"Although I am more confident in our view of the international markets than I was last quarter, project deferrals together with pricing pressure, driven by our customers' desire to reduce input costs, cause us to continue to expect a softer near-term margin outlook for international markets," Halliburton CEO Dave Lesar said.

During premarket trading, shares were rising 30 cents, or 1%, at $30.15. On Thursday, Halliburton gained 66 cents to close 2.3% higher.

-- Written by Sung Moss in New York

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