Halliburton's Q3 EBITDA Miss Offset by Preliminary 2027 Outlook, RBC Says

MT Newswires Live10-21

Halliburton's (HAL) Q3 earnings before interest, taxes, depreciation, and amortization were weaker than expected as "softness" in North American fracturing weighed on performance, but management's preliminary 2027 outlook helped ease concerns about the quarter, RBC said in a note emailed Wednesday.

Adjusted EBITDA of $1 billion for Q3 was 3% below consensus, while adjusted earnings per share of $0.60 was "just ahead" of expectations, the investment firm said. Revenue rose 2% year over year, driven by 13% growth in Latin America, while North American revenue fell 9%, according to the note.

RBC said Halliburton was "saved by the guide," pointing to Q4 adjusted EBITDA guidance of about $1.07 billion at the midpoint and a preliminary 2027 outlook calling for mid-single-digit revenue growth and 15% operating margins.

The firm also said Halliburton's valuation appears "incrementally attractive," with international activity expected to support growth even as North America remains a laggard. The firm raised its 2027 and 2028 EBITDA estimates by 3% and 2%, respectively.

RBC maintained an outperform rating on Halliburton and raised its price target to $46 from $45.

Price: 33.41, Change: -0.18, Percent Change: -0.54

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Revenue rose 2% year over year, driven by 13% growth in Latin America, while North American revenue fell 9%, according to the note.RBC said Halliburton was \"saved by the guide,\" pointing to Q4 adjusted EBITDA guidance of about $1.07 billion at the midpoint and a preliminary 2027 outlook calling for mid-single-digit revenue growth and 15% operating margins.The firm also said Halliburton's valuation appears \"incrementally attractive,\" with international activity expected to support growth even as North America remains a laggard. 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