Shares of oil conglomerate Halliburton (HAL) - Get Report jumped more than 8% on Monday after the company posted adjusted second-quarter earnings that exceeded analysts' forecasts, as strong oil prices helped bolster both domestic and international drilling activity.
The Houston-based company said it earned $75 million, or 9 cents a share, in the second quarter vs. net income for the first quarter of $152 million, or 17 cents a share. On an adjusted basis, the company earned $303 million, or 35 cents a share, vs. $201 million, or 23 cents a share, in the year earlier first quarter.
Total company revenue in the second quarter was $5.93 billion.
Analysts polled by FactSet had been expecting adjusted earnings per share of 30 cents on revenue of $6 billion.
North America revenue was $3.3 billion, a 2% increase over the first quarter, driven in part by higher drilling activity in the Gulf of Mexico. International revenue was $2.6 billion, a 6% increase from the first quarter, thanks to strong operations in the Eastern Hemisphere, and improved stimulation activity in Middle East/Asia, the company said.
"International revenue increased 6% sequentially, confirming our expectation of high single-digit international growth for all of 2019," Halliburton CEO Jeff Miller said in a statement, adding that "momentum is building internationally and activity improvement should continue into 2020."
Shares of Halliburton were up 8.92% at $23.68 in afternoon trading on Monday. They ended the day Friday up 0.32% at $21.75.