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Halliburton posts loss on asbestos charge

Halliburton Co. , the world's No. 2 oil field services company, Tuesday posted a third-quarter net loss as it took $230 million in charges to fund its asbestos liability.
/ Source: Reuters

Halliburton Co., the world's No. 2 oil field services company, Tuesday posted a third-quarter net loss as it took $230 million in charges to fund its asbestos liability.

The Houston-based company, formerly headed by Vice President Dick Cheney, said its net loss totaled $44 million, or 9 cents per share, compared with year-earlier net income of $58 million, or 13 cents per share.

Excluding the charge for its asbestos settlement, profit from continuing operations was $186 million, or 42 cents per share.

That figure topped Wall Street forecasts of 36 cents per share, according to Reuters Research.

Halliburton said revenue rose 16 percent to $4.8 billion because of higher activity in the Middle East from its KBR construction and engineering unit and record revenues at its Engineering Services Group.