Halliburton Company has reported a 70.40 percent jump in profit for the quarter ended Sep. 30, 2014. The company has earned $1,203 million, or $1.41 a share in the quarter, compared with $706 million, or $0.79 a share for the same period last year.
Revenue during the quarter grew 16.45 percent to $8,701 million from $7,472 million in the previous year period. Total expenses were 81.22 percent of quarterly revenues, down from 85.17 percent for the same period last year. This has led to an improvement of 395 basis points in operating margin to 18.78 percent.
Operating income for the quarter was $1,634 million, compared with $1,108 million in the previous year period.
"I am pleased with Halliburton's third quarter results. Once again, we delivered industry-leading revenue and operating income growth, both sequentially and year over year, compared to our primary peers," commented Dave Lesar, chairman, president and chief executive officer.
Cash Flow
Halliburton Co has generated cash of $2,913 million from operating activities during the nine month period, up 14.28 percent or $364 million, when compared with the last year period.
The company has spent $2,332 million cash to meet investing activities during the nine month period as against cash outgo of $1,867 million in the last year period. It has incurred net capital expenditure of $2,284 million on net basis during the nine month period, up 10.07 percent or $209 million from year ago period.
Free cash flow was 21.59 percent of operating cash flow for the nine month period, compared with 18.60 percent in the last year period.
The company has spent $870 million cash to carry out financing activities during the nine month period as against cash outgo of $1,667 million in the last year period. Cash and cash equivalents stood at $2,029 million as on Sep. 30, 2014, up 36.08 percent or $538 million from $1,491 million on Sep. 30, 2013.
Working Capital
Halliburton Co has recorded an increase in the working capital over the last year. It stood at $8,958 million as at Sep. 30, 2014, up 10.21 percent or $830 million from $8,128 million on Sep. 30, 2013. Current ratio was at 2.52 as on Sep. 30, 2014, down from 2.71 on Sep. 30, 2013. Days sales outstanding went down to 76 days for the quarter compared with 80 days for the same period last year.
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