Halliburton Second-Quarter Profit Soars on KBR Gain
July 23 (Bloomberg) -- Halliburton Co., the world's second- largest oilfield contractor, said second-quarter net income more than doubled on a gain from selling its government services and construction subsidiary, KBR Inc.
Profit climbed to $1.53 billion, or $1.62 a share, from $591 million, or 55 cents, a year earlier, the Houston-based company said today in a statement. Excluding the $933 million gain on the KBR sale and a $49 million gain on the sale of an investment, the company earned 60 cents a share, up from 47 cents in the 2006 quarter. Revenue rose 20 percent to $3.74 billion.
Halliburton's growth in overseas business helped push earnings past expectations, said Dan Pickering, an analyst at Pickering Energy Partners in Houston. The company was expected to earn 56 cents excluding the gains, the average of 21 analyst estimates compiled by Bloomberg. bloomberg.com