Halliburton’s 3Q earnings hit $611 million

/ Source: The Associated Press

Halliburton Co. watched third-quarter net income rise 22 percent, thanks in part to fewer disruptions from hurricanes, which beset the oil field services industry last year.

The Houston-based oilfield services conglomerate Sunday posted $611 million, or 58 cents per share, in net income for the June-September quarter, including a $4 million charge from discontinued operations.

That compares to $499 million, or 48 cents a share, for the same period last year, including a $7 million boost from discontinued operations.

The latest results beat the average Wall Street analyst projection of 54 cents a share, according to Thomson Financial.

Third-quarter revenue rose 19 percent to $5.8 billion. The increase was largely attributable to higher activity to its energy services group, which posted record revenue of $3.4 billion, a 31 percent year-over-year increase.

Halliburton’s KBR unit had $2.4 billion in revenue compared to $2.3 billion in the third quarter of 2005.

“This was an exceptional quarter for Halliburton,” said Dave Lesar, the company’s chairman, president, and chief executive officer. Lesar will elaborate on the report on a conference call with analysts Monday morning.

“The energy services group improved on its impressive second quarter results, growing revenue 9 percent sequentially,” he said. “I’m also pleased with the quarterly performance of KBR, which posted a 7.5 percent operating margin in the energy and chemicals segment.”