Halliburton Co., the world’s second- largest energy-services provider, quarterly income decline 40 percent, as the absence of a year-earlier tax gain.
The Houston-based company was expecting dip but out slashed the Wall Street expectations with 64 cents a share than 61 cents. Net income fell to $658 million, or 64 cents a share, from $1.1 billion, or $1.04, a year earlier.
Revenue climbed 8 percent to $6.02 billion. The year-earlier $540 million tax benefit was related to a 2004 asbestos settlement.
Annual results also exceeded analyst expectations. Halliburton made $2.35 billion, or $2.23 a share, down from $2.36 billion, or $2.27 a share, a year earlier. Analysts predicted annual results of $2.14 a share. Annual revenue was $22.6 billion, a 12 percent up from a year earlier.
Halliburton shares fell in New York Stock Exchange composite trading. The stock is down 22 percent in the past year, while the Philadelphia Oil Service Sector Index has dropped 11 percent on concern the pace of drilling and prices paid for services may have peaked.
