Halliburton 3Q16 Earnings Surprise: Turns a Profit!

happy-daysHalliburton kicked off the third quarter earnings season yesterday with some stunning news: the company actually turned a profit during 3Q16! It wasn’t much of a profit–just $7 million. But that comes after losing $3.2 billion during 2Q16. Engineering a turnaround like that is nothing short of miraculous. North America represents 40% of Halliburton’s revenue–the company made $1.7 billion in 3Q16, a 9% increase over 2Q16. The rest of the world (international) represents 60% of Halliburton’s revenue, which was $2.2 billion in 3Q16 (up 6% over 2Q16). The company predicted 4Q16 revenues will be flat. But hey, after billion dollar loses, who cares? CEO Dave Lesar once again reiterated his view that “things are getting better” for the oil and gas industry. A $3.2 billion turnaround in one quarter is a whole lotta proof to back up his assertion. However, company officials also said Halliburton remains in a pricing “barroom brawl” with competitors, and the oil market in particular remains “very challenging.” Here’s the Halli update…

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