Halliburton tops Street 3Q forecasts

MarketsAssociated Press

Halliburton Co. on Monday reported third-quarter net income of $365 million.

On a per-share basis, the Houston-based company said it had net income of 42 cents.

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The results surpassed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The provider of drilling services to oil and gas operators posted revenue of $5.44 billion in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $5.32 billion.

Halliburton shares have declined 20 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has dropped 11 percent in the last 12 months.

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