Halliburton profit slumps 85% on charges

Halliburton Co. on Monday reported a drop in second-quarter net income to $75 million.

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The ocmpany said results were impacted by asset impairment and severance charges.

On a per-share basis, the Houston-based company said it had profit of 9 cents. Earnings, adjusted for asset impairment costs, were 35 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

"Halliburton's execution in the second quarter was outstanding and I am pleased with our results. We continue to build on the growth momentum internationally and successfully manage the market dynamics in North America," commented Jeff Miller, Chairman, President and CEO. "Total company revenue was $5.9 billion and adjusted operating income was $550 million, representing increases of 3% and 29%, respectively, compared to the first quarter of 2019."

The provider of drilling services to oil and gas operators posted revenue of $5.93 billion in the period, falling short of Street forecasts. Ten analysts surveyed by Zacks expected $5.97 billion.

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Halliburton shares have decreased 18% since the beginning of the year, while the Standard & Poor's 500 index has risen 19%. The stock has fallen 52% in the last 12 months.

The Associated Press contributed to this article.