SAN FRANCISCO (Reuters) - Halliburton Co. (HAL.N: Quote, Profile, Research), the world's second-largest oilfield services company, on Thursday reported a profit for the fourth quarter on a large one-time tax benefit and a strong performance in energy services, compared with a year-ago net loss.
Halliburton shares rose by about 2.5 percent after the close of regular trade.
Halliburton posted net income of $1.1 billion, or $2.08 per share, compared with a year-earlier loss of $203 million, or 46 cents per share.
The latest quarterly results included $1.02 per share in tax benefits from the reversal of an income tax expense.
Analysts polled by Reuters Estimates on average expected earnings, excluding special items, of 89 cents per share.
The year-ago loss included a loss from operations of 86 cents per share from an asbestos settlement.
Revenues rose by about 12 percent to $5.8 billion.
Houston-based Halliburton called its fourth quarter results "outstanding" for both its Energy Services Group and its KBR unit.
Energy Services had an 85 percent jump in operating earnings in the latest quarter from a year ago and KBR recorded operating income of $121 million compared to break-even
Halliburton has benefited, like other oil services companies, from strong demand from production companies looking to take advantage of high oil and gas prices
Halliburton shares fell 9.6 percent in the fourth quarter, compared with a 3.5 percent gain for the oil services index
Its shares gained 1.2 percent to close at $75.15 on the New York Stock Exchange Thursday before gaining ground in after-hours trading.