Halliburton Sales Climb 11%

The company also turns a profit in the second quarter, reversing last year's loss.
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(HAL) - Get Report

reported a second-quarter profit Thursday, reversing its loss from a year ago and topping analysts' estimates, sending the company's shares higher in premarket trading.

The company earned $26 million, or 6 cents a share, which included a loss of 6 cents a share from discontinued operations. In the second quarter last year, Halliburton lost $498 million, or $1.15 a share.

Income from continuing operations was $42 million, or 9 cents a share, compared with a loss of $358 million, or 83 cents a share, in the prior-year quarter. The current quarter's results were impacted by a $104 million charge from a project in Brazil and a $14 million gain from the sale of Halliburton Measurement Systems.

Analysts were expecting a profit of 2 cents a share. Shares of Halliburton were up 6.1% at $22.40 before the bell, according to Instinet.

Total sales reached $3.6 billion, an increase of 11% from last year. The company cited enhanced activity in certain engineering and construction group projects. Halliburton's energy services group had revenue of $1.78 billion, up from last year's $1.76 billion.

For the third quarter, the Houston-based company forecast earnings per share from continuing operations of at least 32 cents, excluding the effects of a proposed asbestos settlement. Analysts are calling for 31 cents a share. The company earned 28 cents a share in the year-ago quarter.