Halliburton reports record second-quarter revenue

Halliburton Co. reported record revenue in its second quarter, though earnings fell dramatically in comparison with the same quarter last year when the oil services giant’s results were inflated by a gain resulting from the separation of former subsidiary KBR Inc.

Halliburton (NYSE: HAL) reported net earnings of $507 million, or 55 cents a share, for the three months ended June 30, compared with net earnings of $1.53 billion, or $1.69 per share, in the same three months in 2007. The year-ago earnings included a net gain from the separation of KBR of $933 million.

Revenue for the quarter was a record $4.48 billion, compared with $3.73 billion in the year-ago quarter and beat the expectations of analysts polled by Thomson Financial who, on average, were expecting revenue of $4.25 billion.

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“I am very pleased with our results for the second quarter as we continue to show healthy expansion of our business on a worldwide basis,” said Dave Lesar, chairman, president and chief executive.

Following Lesar’s move to Dubai last year Halliburton now has regional headquarters operations both there and in Houston.

In a note to investors Tuesday, analysts with Tudor, Pickering Holt & Co. Securities Inc. said Halliburton’s total revenue gains beat their estimates by 5 percent. Revenue in the Middle East-Asia region gained 27 percent from the year-earlier quarter.

In late June, Halliburton was foiled by British courts in its appeal to continue its $3.6 billion offer for British oilfield services company Expro International Group PLC. A U.K. consortium, Umbrellastream Ltd., backed by private equity firm Candover Group and partners Goldman Sachs Capital and AlpInvest Partners NV, was successful in its bid to acquire Expro.