Halliburton ( NYSE: HAL ) +2.1% pre-market Tuesday after reporting better than expected Q3 adjusted earnings , wrapping up an outstanding earnings season for the top oilfield services providers on strong demand for drilling services.
Q3 net income surged to $544M, or $0.60/share, from $109M, or $0.26/share, in the year-earlier period while revenues jumped 39% Y/Y to $5.36B from $3.86B.
Q3 sales by segment: Completion and Production +47% Y/Y to $3.136B, Drilling and Evaluation +20% to $2.221B.
Q3 sales by geographic region: North America +63% Y/Y to 2.635B, Middle East/Asia +31% to 1.242B, Latin America +35% to $841M, Europe/Africa/CIS declined 5% to $639M.
Q3 adjusted operating margin of 16% rose 393 basis points from the year-earlier figure.
Halliburton ( HAL ) said results across segments were hurt by the wind-down and sale of its Russia business to its local management team; for the nine months ended September 30, the company recorded $366M in charges and impairments, largely due to the sale of its Russia assets and the impairment of assets in Ukraine.
"In North America, I see continued revenue growth; the inbounds for calendar slots are stronger than I have ever seen at this point in the year," Chairman, President and CEO Jeff Miller said.
Halliburton's ( HAL ) stock price return shows a 44% YTD gain and a 32% increase during the past year .
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Halliburton heads higher after Q3 topped estimates on strong drilling activity