Services giant Halliburton managed to beat analyst expectations Tuesday despite booking a sharp drop in its second quarter profits.
The Houston-based company saw its profits plunge to $54 million, or $0.06 per share, a 93 percent drop from the same period last year, the Wall Street Journal said.
The company’s revenue slipped to $5.9 billion, a 16 percent tumble from the last quarter that still managed to beat out a 26 percent fall in the worldwide rig count, Halliburton president Jeff Miller noted.
Halliburton also recorded $67 million in after tax costs tied to its pending merger with Baker Hughes.
In November, Halliburton agreed in to buy rival Baker Hughes for $34.6 billion in cash and stock.
Excluding costs tied to its merger with Baker Hughes, restructuring related costs and other charges, the company saw its earnings per share tick down to $0.44 compared to $0.49 per share last year.
Analysts polled by Thomas Reuters had expected Halliburton’s profits to hit $0.29 per share and for the company to report $5.78 billion in revenue.
“We are pleased with our second quarter results, considering the headwinds facing the industry,” Halliburton president Jeff Miller said.