Halliburton's (NYSE:HAL) Profits Double in Latest Quarter

Halliburton Co.'s (NYSE:HAL) results for the fourth quarter came in higher than anticipated, as they more than doubled over the same quarter last year. Most of that was generated from a strong increase in drilling around the world.

Dave Lesar, Halliburton chairman, president, and CEO said, “During the fourth quarter, we achieved double-digit sequential revenue and operating income growth in both North America and international operations as we continued to experience strong demand for our services in North America and improvement in activity in a number of international markets."

Net profit in the quarter surged to $605 million, or 66 cents a share, soaring from $243 million, or 27 cents a share in profits generated last year.

Earnings, excluding one-time items, came in at $68 cents a share, beating analysts' estimates of 63 cents a share.

Revenue soared to $5.2 billion, a 40 percent boost over last year, also beating analysts estimates of $4.9 billion.

The number of rigs active in the U.S. rose 4 percent from the third to fourth quarters. Halliburton also increased rates for its services, driving up operating income 10 percent and generating its highest revenue ever in the U.S. market.

Halliburton was trading at $39.74, up $0.55, or 1.40 percent, as of 12:11 PM EST.