Halliburton profit doubles on KBR spinoff

/ Source: The Associated Press

Halliburton Co. said Monday that second-quarter net income more than doubled to $1.5 billion, lifted largely by a $933 million gain from the separation of its former subsidiary, KBR Inc.

The result for the April-June period, which amounted to $1.62 per share, compared with income of $591 million, or 55 cents a share, in the year-ago period.

Revenue in the quarter rose 20 percent to $3.7 billion from $3.1 billion a year ago. The oilfield services conglomerate said sales rose worldwide, particularly in the Eastern Hemisphere.

Excluding the gain from the KBR split, Halliburton said income from continuing operations in the quarter was $595 million, or 63 cents a share, up from $498 million, or 47 cents a share, in the second quarter of 2006.

Wall Street analysts polled by Thomson Financial had forecast earnings of 56 cents a share on revenue of $3.5 billion. The Thomson forecast typically excludes one-time items.

Last week, Halliburton's larger competitor, Schlumberger Ltd., said its second-quarter profit jumped 47 percent because of an active world market for oil and gas.