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Surge in American drilling helps increase Halliburton 3Q profits 26 pct
NEW YORK (AP) ' Halliburton says profits rose 25.6 percent in the third quarter as North American drilling projects continue to boost revenue.
The Houston oil services company on Monday reported earnings of $683 million, or 74 cents per share, for the three months ended Sept. 30. That compares with $544 million, or 60 cents per share for the same period in 2010.
Income from continuing operations was 94 cents per share. Revenue grew 40.4 percent to $6.55 billion in the period.
Analysts, who tend to base estimates on continuing operations, were expecting earnings of 91 cents per share on revenue of $6.35 billion, according to FactSet.
Halliburton Co., which provides cementing, pressure pumping, and myriad other services, is the first big company in the oil sector to report third-quarter results.