Baker Hughes 3Q results top Wall Street's view

Baker Hughes 3Q results top Wall Street's view on strength abroad, seasonal recovery in Canada

Associated Press

NEWS: Baker Hughes net income for the third quarter rose 22 percent, thanks in part to a seasonal recovery in Canada and strength abroad.

Adjusted earnings and revenue topped Wall Street expectations, and its shares climbed before the opening bell Friday.

DETAILS: Chairman and CEO Martin Craighead said that North America had better margins due to Canada's seasonal recovery and improved performances across all of its product lines. Overseas strength was seen in the Middle East, Asia Pacific, Africa and the Russia Caspian.

NUMBERS: Baker Hughes Inc. earned $341 million, or 77 cents per share, for the three months ended Sept. 30. That compares with $279 million, or 63 cents per share, a year earlier.

Excluding severance charges of 4 cents per share, earnings were 81 cents per share.

Revenue rose 8 percent to $5.79 billion from $5.36 billion.

Analysts surveyed by FactSet expected earnings of 78 cents per share on revenue of $5.78 billion.

STOCK: The oilfield services company's stock gained $3.17, or 6.1 percent, to $47.17 in premarket trading.

Rates

View Comments (0)