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Why Halliburton Earnings Beat Is Less Than Meets the Eye

Halliburton Co. (NYSE: HAL) reported third-quarter 2015 results before markets opened Monday. The oil and gas services company posted adjusted diluted earnings per share (EPS) of $0.31 on revenues of $5.58 billion. In the same period a year ago, the company reported EPS of $1.19 on revenues of $8.7 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.27 and $5.64 billion in revenues.

On a GAAP basis, the firm posted net loss of $54 million ($0.06 per share), compared with net income of $1.2 billion ($1.42 per share) in the third quarter of 2014. In the quarter, Halliburton took asset impairment charges and severance costs of $257 million and added $62 million in costs related to its merger with Baker Hughes. Total impairment and adjustment charges were $381 million, compared with $306 million in the same quarter last year. Adjusted operating income totaled $506 million, compared with...