By the OGJ Online Staff
HOUSTON, Oct. 24 -- Halliburton Co., Dallas, reported third quarter earnings of $179 million on revenue of $3.4 billion, up from earnings of $157 million on revenue of $3 billion during the same period a year ago.
Earnings from continuing operations increased by 39% to $181 million, the highest level since the 1998 merger with Dresser Industries Inc., said Halliburton officials.
"Both our business segments delivered outstanding results,'' said Dave Lesar, chairman, president, and CEO of Halliburton.
"While the near-term industry outlook is less robust, the longer-term fundamentals are strong. Our global presence and market leading products and services position us extremely well to perform under all market conditions,'' he said.
Halliburton's Energy Services Group increased its revenue by 33% to $2.3 billion for the quarter compared to the previous year. Within that group, Halliburton Energy Services in Houston increased its revenue for all geographic regions and product service lines, up 32% overall from a year ago.
Operating income for the Energy Services Group segment was $321 million, up 41% from the 2000 third quarter, that included an $88 million gain from sale of marine vessels. For Halliburton Energy Services, operating income increased 129%.
Revenue from Halliburton's Engineering and Construction Group totaled $1.1 billion, down from $1.3 billion during the same quarter last year due to completion of several large projects. That group's backlog of work increased to $7.1 by the end of the latest quarter from $6.3 billion at its start.