Halliburton, Lennox International And Gannett Release Earnings
Oilfield services company, Halliburton (NYSE: HAL), released third-quarter financials this morning offering up a 17 percent rise in earnings. Revenue growth was driven by international operations which offset lackluster growth in North America, due in part to catastrophic flooding in Colorado in the just ended quarter. Revenue rose 1.6 percent in the company’s North American operations, with operating income for the region improving 18 percent. In its international operations, revenue was up 13 percent and operating income grew 20 percent. Although analysts expected per share earnings of $0.82 and revenue of $7.5 billion, Halliburton (excluding restricting related charges) reported adjusted earnings from continuing operations at $0.83. Revenue increased 5.1 percent to $7.5 billion. The company reported a profit of $706 million. The stock is up 51 percent thus far this year and was flirting with its 52-week high at close of market on Friday.
Climate control solutions company, Lennox International Inc. (NYSE: LII), also released third-quarter earnings this morning. The company beat analyst’s estimates by $0.02 with EPS coming in at $1.30. Revenue for the quarter landed at $868 million versus the consensus estimate of $877.87 million. In the second-quarter of 2013, Lennox posted earnings per share of $1.31 increasing 33.7 percent year-over-year. The increase in earnings was due to favorable margins and healthy growth in revenues. Revenue in the second-quarter grew 8.7 percent year-over-year to $913.1 million as a result of better volumes.
“Lennox International's strong business momentum continued in the third quarter, with revenue up 8 percent from the prior-year quarter at constant currency and total segment profit margin up 190 basis points to a record level of 11.9 percent,” said Chairman and CEO Todd Bluedorn.
Media and marketing solutions firm, Gannett Co., Inc. (NYSE: GCI), reported non-GAAP earnings per diluted share of $0.43 for the third-quarter, compared to $0.56 for the same quarter last year. The company reported digital revenue growth of 12 percent (now comprising 30 percent of total revenue), while broadcasting revenues rose almost 14 percent higher. Net income on a non-GAAP basis was $99.8 million in the third-quarter, while net income on a GAAP basis totaled $79.7 million. Earnings per diluted share on a non-GAAP basis totaled $0.43, compared to $0.56 for the third-quarter in 2012. Earnings per diluted share on a GAAP basis were $0.34 for the third-quarter. Also during the quarter, Belo Corp. (NYSE: BLC) shareholders approved a deal under which Gannett will acquire the company for $13.75 per share in cash, or approximately $1.5 billion, plus the assumption of $715 million in existing debt for value of approximately $2.2 billion. The transaction is, of course, subject to antitrust and Federal Communications Commission approval.
Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.