In September, Halliburton stated that it stays positive on 2019 outlook for both North America and international markets. In 2019, the company expects to generate strong free cash flow driven by positive market outlook and continued working capital improvements.
Related: Halliburton Q2 2018 earnings transcript
For the quarter ended June 2018, the company met consensus views on the earnings front, while beating revenue expectations. Revenue surged 24% to $6.15 billion on strong market conditions from North America. Profit for the second quarter multi-folded to $511 million or $0.58 per share and included impairments and other charges related to a write-down of all of its remaining investment in Venezuela.
Halliburton reports upbeat revenue in Q2, meets earnings estimate
Meanwhile, the Houston, Texas-based company’s peers Schlumberger (SLB) reported its quarterly results on Friday. Schlumberger’s profit surpassed analysts’ estimates on strong demand, while revenue missed consensus estimates. Another competitor, Baker Hughes (BHGE) is set to report its quarterly earnings on October 30.
Shares of Halliburton, which stayed flat at 2:30 PM ET on Friday, have slumped more than 20% since the beginning of this year and above 10% in the past 52 weeks.