Halliburton Q2 Profits Rise, Boost Buyback
HOUSTON (AP) — Halliburton Co. (HAL) said Monday that its second-quarter earnings rose 20 percent, and it raised its share buyback authorization to $6 billion.
The Houston-based company, which provides drilling services to oil and gas operators, earned $774 million, or 91 cents per share, for the period ended June 30. That's up from $644 million, or 69 cents per share, a year ago.
The average per-share estimate of analysts surveyed by Zacks Investment Research was for a profit of 92 cents.
Revenue climbed 10 percent to $8.05 billion from $7.32 billion, beating Wall Street's forecast of $7.88 billion.
Halliburton also announced that it is promoting Executive Vice President and Chief Operating Officer Jeff Miller to president. He will also become a board member. Both appointments are effective on Aug. 1. Miller has served as executive vice president and COO since 2012.
It also declared a third-quarter dividend of 15 cents per share. The dividend will be paid on Sept. 24 to shareholders of record on Sept. 3.
Halliburton gained 41 cents to $71.34 before the market open.
The company's shares have climbed $20.18, or 40 percent, to $70.93 since the beginning of the year, while the Standard & Poor's 500 index has risen 7 percent. The stock has increased $25.10, or 55 percent, in the last 12 months.