Halliburton reported third-quarter results on Monday morning that beat expectations for earnings and missed slightly on revenues.
The oilfield services giant said it earned $5.6 billion in revenues, down 6% year-on-year and adjusted earnings per share of $0.31. Analysts had forecast revenues of $5.65 billion and adjusted EPS of $0.27, according to Bloomberg. The company also reported a loss of $54 million, or $0.06 per diluted share.
The company said it took a $257 million after-tax writedown due to the dowturn in the energy market.
President Jeff Miller said in the statement, "This is a challenging market, but our strategy remains the same. We are looking through this cycle to ensure that we are positioned to accelerate our growth when the industry recovers, and we are managing through the downturn by drawing upon our management’s deep experience in navigating through past cycles."
Last week, Schlumberger, the world's largest oilfield services company, highlighted their outlook for the industry's recovery.
CEO Paal Kibsgaard's message in the release was mostly bearish: The recovery appears to be delayed, the market is still weighed down by Chinese demand concerns, and oilfiled services companies may not be able to increase capital spending even if oil prices go up, because they are cash-crunched.
Baker Hughes, which was expected to merge with Halliburton soon, will report earnings later this week.
Halliburton shares are down 4% year-to-date, and 28% over the last 12 months. Following the earnings release, it was down by less than 1%.
