Houston-based oil giant Halliburton Co. (NYSE: HAL) reported second-quarter earnings results today with higher than expected analyst projections.
The company posted adjusted diluted earnings per share (EPS) of $0.44 on revenues of $5.92 billion. Last year for the same quarter Halliburton reported EPS of $0.91 on revenues of $8.05 billion.
As expected, earnings were lower than the same period last year but beat Thomson Reuters analyst estimates for EPS of $0.29 and $5.78 billion in revenues.
Net income also declined to $53 million compared with net income of $775 million in the second quarter last year.
The second largest oilfield services company acquired Baker Hughes and, as a result, posted asset impairment charges of $306 million and added $83 million in related costs.
Haliburton reduced its second quarter year over year operating income by almost half, mostly attributed to the layoff of more than 9,000 employees. For this period of 2015 the firms’ adjusted operating income totaled $643 million, compared to $1.19 billion this time in 2014.
Related: Halliburton to cut about 6,400 jobs
Halliburton Chairman and CEO Dave Lesar states, “Our strategy remains consistent — we will manage costs through the downturn while looking beyond the cycle to ensure that we will be positioned for growth when the industry recovers. We continue to invest in technology, build capital equipment, and prepare for our pending combination with Baker Hughes. Our management team has a proven track record in navigating through cycles, and we are confident that Halliburton will be best-positioned to outperform in the recovery.”
Analyst estimates for the third quarter call for EPS of $0.27 on revenues of $5.65 billion. Halliburton’s stock traded up about 4.6% in Monday’s premarket at $41.81.