Halliburton shares slip after North American results disappoint

|About: Halliburton Company (HAL)|By:, SA News Editor

Halliburton (HAL) -1.1% premarket despite a 17% Y/Y increase in Q3 earnings and a 5% boost in revenues.

Q3 revenue rose 5% Y/Y to $7.47B due to a strong performance in its eastern hemisphere operations, where revenue rose 17% and operating income climbed 30% Y/Y, but North American revenue rose a tepid 1.6% and operating income gained 18%; North America contributes more than half of HAL revenues and ~60% of its profits, a larger share than competitors Baker Hughes (BHI) and Schlumberger (SLB).

HAL says the U.S. land rig count remains sluggish, and oversupply of service capacity in North America continues to put pressure on pricing in a number of areas, but it expects margins to strengthen next year.