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Halliburton Announces Third Quarter Income From Continuing Operations Of $0.83 Per Diluted Share, Excluding Restructuring Charges

Stocks in this article: HAL

Halliburton (NYSE:HAL) announced today that income from continuing operations for the third quarter of 2013 was $745 million, or $0.83 per diluted share, excluding restructuring charges of $38 million, after-tax, or $0.04 per diluted share. This compares to income from continuing operations for the second quarter of 2013 of $677 million, or $0.73 per diluted share, excluding a $35 million charge, after-tax, or $0.04 per diluted share, related to a charitable contribution to the National Fish and Wildlife Foundation. Reported income from continuing operations for the third quarter of 2013 was $707 million, or $0.79 per diluted share. Reported income from continuing operations for the second quarter of 2013 was $642 million, or $0.69 per diluted share.

Halliburton's total revenue in the third quarter of 2013 was $7.5 billion, compared to $7.3 billion in the second quarter of 2013. Operating income was $1.1 billion in the third quarter of 2013, compared to operating income of $1.0 billion in the second quarter of 2013. The Latin America and Europe/Africa/CIS regions were the primary drivers of this sequential improvement.

As previously announced, during the third quarter Halliburton made adjustments to headcount and other assets based on the progress of strategic Battle Red and Frac of the Future initiatives. These adjustments resulted in severance charges and asset write-offs of approximately $38 million, after-tax, or $0.04 per diluted share.

Also during the third quarter, Halliburton repurchased approximately 68 million shares of its common stock at an aggregate cost of $3.3 billion pursuant to a modified Dutch auction cash tender offer.

“I am pleased with our third quarter results; total company revenue of $7.5 billion was a record quarter for Halliburton,” commented Dave Lesar, chairman, president and chief executive officer.

“Both our Drilling & Evaluation and Completion & Production divisions set quarterly revenue records, with our Baroid, Completion Tools, Drill Bits and Testing product lines setting quarterly operating income records.

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