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Shares of Halliburton Company
gained around 2.5% in pre-market trading after the company reported upbeat results for the third quarter and raised its quarterly dividend by 20%.
The Houston, Texas-based company posted quarterly net earnings of $1.2 billion, or $1.41 per share, compared to $706 million, or $0.79 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $1.19 per share.
During the quarter, the company lowered its existing loss contingency for the Macondo well incident by $100 million and recorded $95 million for an expected insurance recovery related to the settlement.
Its revenue gained 8% to $8.7 billion. However, analysts were expecting earnings of $1.11 per share on revenue of $8.53 billion.
Completion and Production revenue rose 10% to $5.4 billion, while Drilling and Evaluation revenue rose 6% to $3.3 billion.
Adjusted operating income climbed 21% to $1.4 billion from $1.2 billion.
During the quarter, Halliburton repurchased around 4.4 million shares of common stock at a total cost of $300 million.
The company lifted its dividend to $0.18 per share.
“I am pleased with Halliburton's third quarter results. Once again, we delivered industry-leading revenue and operating income growth, both sequentially and year over year, compared to our primary peers,” commented Dave Lesar, chairman, president and chief executive officer.
Halliburton shares rose 2.51% to $53.92 in pre-market trading.
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