Halliburton Sees U.S. Slowdown, Schlumberger Estimates Rising E&P Spending

Mukesh Buch
22 Oct, 2018
New York City

Halliburton faces slowdown in its North America operations. Hasbro missed earnings estimates. Kimberly-Clark net plummeted. Lennox Intl revenues fell after tornado losses were higher than estimated. Schlumberger net surged 18%.

[R]2:15 PM New York City, New York – Halliburton faces slowdown in its North America operations. Hasbro missed earnings estimates. Kimberly-Clark net plummeted. Lennox Intl revenues fell after tornado losses were higher than estimated. Schlumberger net surged 18%.[/R]

Tollbooth Index advanced 89.74 or 0.6% to 15,844.62 but for the year-to-date soared 15.2%.

Earnings Review

Cleveland-Cliffs Inc ((CLF)) edged up 1 cent to $11.15 after the iron ore producer said revenues in the third-quarter ending in September soared 29% from a year ago to $684.7 million.

Net income in the quarter surged to $437.8 million or $1.41 per diluted share from $53.4 million or 18 cents in the same quarter last year.

Gentex Corporation ((GNTX)) advanced 2.1% or 42 cents to $20.35 after the smoke-detection products maker stated sales in the third-quarter ending in September jumped 5% from a year ago to $460.3 million.

Net income in the quarter soared 23% to $111.3 million or 42 cents per diluted share from $90.2 million or 31 cents in the same quarter last year.

Gentex lowered fiscal 2018 net sales forecast to between $1.85 billion and $1.87 billion from the earlier estimate of $1.88 billion and $1.91 billion and capital expenditures in the range of $95 million to $105 million from the earlier estimate of $110 million to $120 million.

Halliburton Company ((HAL)) slumped 2.1% or 78 cents to $36.76 after the oilfield services provider reported total revenues in the third-quarter ending in September soared 14.8% from a year ago to $6.2 billion.

Net income in the quarter jumped 20.2% to $434 million or 50 cents per diluted share from $361 million or 42 cents in the same quarter last year.

Halliburton said slowdown in its oil and gas operations in North America resulted 2% in revenue decrease to $3.7 billion, sequentially but surged 18% from a year ago period.

Hasbro Inc ((HAS)) declined 4.8% or $4.72 to $93.32 after the toy maker said net revenues in the third-quarter ending in September slumped 12% from a year ago to $1.6 billion.

Net income in the quarter fell 0.6% to $263.9 million or $2.06 per diluted share from $265.6 million or $2.09 in the same quarter last year.

""""We were unable to meet all the demand within the quarter,"""" said chief executive officer Brian Goldner.

Kimberly-Clark Corporation ((KMB)) plunged 4.7% or $5.23 to $105.01 after the personal care products maker reported net sales in the third-quarter ending in September fell 2% from a year ago to $4.6 billion.

Net income in the quarter plummeted 20% to $451 million or $1.29 per diluted share from $567 million or $1.60 in the same quarter last year.

Kimberly-Clark reaffirmed fiscal 2018 diluted earnings per share in the range of $3.29 to $3.79 and sales growth of 1%.

Lennox International Inc ((LII)) slipped 1.8% or $3.45 to $189.67 after the climate control products provider said revenues in the third-quarter ending in September fell 2% from a year ago to $1 billion.

Net income in the quarter jumped 4.3% to $108 million or $2.65 per diluted share from $103.5 million or $2.44 in the same quarter last year.

“Lowa tornado affected third-quarter earnings per share by about 17 cents which is more than it expected to 52 cents,” said chief executive officer Todd Bluedorn.

Schlumberger Limited ((SLB)) slumped 3.2% or $1.86 to $56.61 after the oilfield services provider reported revenues in the third-quarter ending in September soared 8% from a year ago to $8.5 billion.

Net income in the quarter surged 18% to $644 million or 46 cents per diluted share from $545 million or 39 cents in the same quarter last year.