Halliburton reports better-than-expected profits, warns of international weakness

Oilfield services provider Halliburton echoed remarks made by traditional rival Schlumberger last week with a warning about the strength of international markets.

The US company did report better-than-expected profits during its quarterly earnings report on Monday however, despite its caution regarding upcoming quarters.

Profit excluding special items was 4 cents per share, surpassing the 2 cents per share forecast by analysts before the earnings report.

Revenues for the final quarter of 2016 failed to reach consensus expectations of $4.07bn, coming in at $4.02bn.

Halliburton's numbers are significantly lower than those posted in the corresponding quarter of 2015, with earnings per share 87% lower.

The company's share price was down almost 3% at the open after the results were released.

"Despite the positive sentiment surrounding the North American land market, it is important to remember that our world is still a tale of two cycles," Chief Executive Dave Lesar said in a statement. "The North America market appears to have rounded the corner, but the international downward cycle is still playing out."

The US earnings season is in full swing with over 100 S&P 500 companie set to report their quarterly figures this week.