Baker Hughes Beats Estimates With $335 Million Profit (BHI)

Baker Hughes Incorporated BHI on Tuesday morning released financial results that beat Wall Street expectations. Baker Hughes Incorporated reported that its 4th quarter net income attributable to Baker Hughes rose to $335 million, or $0.77 per share, up from $84 million, or $0.27 per share, a year earlier. Excluding special items, the company earned 84 cents per share. Baker Hughes Incorporated reported revenue of $4.42 billion, up 82% from $2.43 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 65 cents per share, on revenue of $4.27 billion. Chairman and chief executive officer Chad C. Deaton said, "In North America, margins increased almost 500 basis points sequentially reflecting the ongoing strength of customer spending in unconventional oil and gas plays and price realization. Given high oil prices and relatively low gas prices, customers are increasing drilling in crude oil and liquids rich natural gas plays where service intensity continues to increase." Baker Hughes Incorporated (BHI) ended the previous trading session at $58.50 per share. Analysts covering the company's stock have a consensus price target of $65.46 per share. Read more from Benzinga's Company news.