Halliburton Q3 Profit Rises - Quick Facts

(RTTNews) - Oilfield services provider Halliburton Co. (HAL, HAL.TO, HAL.F) reported that its third-quarter net income attributable to company increased to $706 million or $0.79 per share, from $602 million or $0.65 per share in the same quarter last year.

Income from continuing operations for the third quarter of 2013 was $745 million, or $0.83 per share, excluding restructuring charges of $38 million, after-tax, or $0.04 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.

The company said that during the third quarter, it 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, the company 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.

"Consistent with prior years, we expect the fourth quarter in the Eastern Hemisphere to be our strongest quarter of the year, due to seasonal year-end software and equipment sales, with margins in the high teens," said Dave Lesar, chairman, president and chief executive officer.

Total revenue for the third quarter of 2013 was $7.47 billion, up from $7.11 billion last year. Twenty one analysts had consensus revenue estimate of $7.50 billion for the quarter.