Halliburton Company (NYSE:HAL) shares rose slightly Monday, on the release of third-quarter results.
The company announced today a net loss of $17 million, or $0.02 per diluted share, for the third quarter of 2020. This compares to a net loss for the second quarter of 2020 of $1.7 billion, or $1.91 per diluted share. Adjusted net income for the third quarter of 2020, excluding severance and other charges, was $100 million, or $0.11 per diluted share.
This compares to adjusted net income for the second quarter of 2020, excluding impairments and other charges, of $46 million, or $0.05 per diluted share. Halliburton's total revenue in the third quarter of 2020 was $3.0 billion, a 7% decrease from revenue of $3.2 billion in the second quarter of 2020.
Reported operating income was $142 million in the third quarter of 2020 compared to reported operating loss of $1.9 billion in the second quarter of 2020. Excluding impairments, severance and other charges, adjusted operating income was $275 million in the third quarter of 2020, a 17% increase from adjusted operating income of $236 million in the second quarter of 2020.
Said CEO Jeff Miller, "The fundamentally different course we are charting is having a positive impact on our performance. Halliburton’s strong third quarter results demonstrate that we are effectively executing on our strategic priorities.
"Total company revenue was about $3.0 billion and adjusted operating income was $275 million. We improved our margin performance both internationally and in North America and are on track to generate over $1.0 billion in free cash flow for the year."
HAL shares took on five cents to $12.30.
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