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Halliburton profit falls 40% in fourth quarter Print

Jan. 26, 2007 - Associated Press

HOUSTON — Oil industry services provider Halliburton Co. said Friday its fourth-quarter profit fell 40 percent, due in large part to a year-ago gain, but the results still beat analysts' expectations.

Earnings fell to $658 million, or 64 cents per share, compared with $1.1 billion, or $1.04 per share, during the same period a year ago.

The prior year's results benefited from $540 million, or 51 cents per share, of income related to a reduction in a deferred tax asset valuation allowance.

Analysts polled by Thomson Financial were looking for earnings of 61 cents per share.

"Although we experienced weather-related activity decreases and holiday impacts in the United States during the fourth quarter, we expect demand for our services to remain strong throughout 2007," Chairman, President and Chief Executive Dave Lesar said in a statement.

Quarterly revenue rose 8 percent to $6.02 billion from $5.57 billion in the previous year on more activity in the company's energy services group, which was partially offset by lower revenue from KBR Inc., due to decreased activity on government services projects for the military. KBR is Halliburton's engineering, construction and government-services arm that it partially spun off in 2006. Halliburton still owns an 81 percent stake in KBR.

KBR sales fell to $2.5 billion from $2.7 billion.

Consensus estimates put fourth-quarter revenue at $5.9 billion. 

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