Halliburton (HAL) - Get Report , the U.S. oilfield services company, reported third-quarter earnings of 34 cents a share, matching analysts' estimates, but revenue fell 10.1% from a year earlier to $5.55 billion and came in below forecasts of $5.82 billion.
The company said third-quarter completion and production revenue was $3.51 billion, down from a year earlier and below Wall Street estimates of $3.66 billion.
Drilling and evaluation revenue of $2.04 billion also missed forecasts.
The company said Monday that North America revenue in the third quarter was $2.9 billion, an 11% drop from the second quarter of 2019, "primarily associated with lower activity and pricing in pressure pumping and well construction services in North America land." International revenue was $2.6 billion, flat with the second quarter.
"International revenue, which was flat sequentially, was up 10% year to date and we remain confident that we will achieve high single-digit international growth for all of 2019," said Jeff Miller, chairman, president and CEO. "International growth continues across multiple regions, benefiting both our Drilling and Evaluation and Completion and Production divisions.
"Our North America revenue decreased 11% sequentially driven by customer activity declines and the execution of our new playbook." Miller said.
"As the international recovery continues and the North American market matures, our strategy is allowing us to thrive in this dynamic environment, generate strong free cash flow and produce industry-leading returns," the CEO added.
A year earlier, Halliburton earned 50 cents a share on sales of $6.17 billion.
The stock was rising 2.55% to $18.90 in trading Monday.
Rival Schlumberger (SLB) - Get Report last week posted third-quarter adjusted earnings that topped analysts' estimates but said "market uncertainty" was "weighing on future oil demand outlook in a climate where trade concerns are seen as challenging global economic growth."
Save 57% during our Halloween Sale. Don't let this market haunt you and join Jim Cramer's Investment Club, Action Alerts PLUS. Click here to sign up!