American oilfield services giant Halliburton announced a rise in net income for the second quarter, driven by its international operations, according to a statement released on Friday.
Financial Results
Net income reached $709 million, a 16% year-over-year increase. Adjusted earnings per share, the key metric for investors, came in at 80 cents, up from 68 cents a year earlier, aligning with market expectations.
Revenue remained virtually unchanged year-over-year at $5.8 billion, slightly below market forecasts.
International Growth Drivers
The Houston-based company excelled in its international markets, particularly in the Middle East/Asia region. Revenue there reached $1.5 billion in the second quarter, a 5% year-over-year increase, mainly due to new drilling projects in Saudi Arabia.
The Europe/Africa region also performed well (+4% to $757 million), driven by projects in Norway and Angola.
Latin America and North America
In Latin America, revenue remained flat at $1.1 billion, primarily due to sluggish sales in Mexico and the Caribbean.
In North America, its largest market, the slowdown continued (-3% to $2.5 billion), with a decline in demand for pressure pumping services.
Market Reaction
In pre-market trading on the New York Stock Exchange, Halliburton shares dipped 2.4%.