Baker Hughes Revenue Up 83% (BHI)

Baker Hughes Incorporated BHI released financial results on Monday morning that easily beat Wall Street estimates. Baker Hughes Incorporated announced that its 3rd quarter net income jumped to $255 million, or 59 cents per share, up from $55 million, or 18 cents per share, a year earlier. Excluding special items, the company reported earnings of 54 cents per share. The company's revenue surged 83% to $4.08 billion, up from $2.23 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 47 cents per share, on revenue of $3.8 billion. Chairman and chief executive officer Chad C. Deaton said, "Our third quarter results in North America reflect the seasonal recovery in Canada and the strength of the US Land market. Drilling for unconventional oil and gas in key North American basins has driven demand for drilling, pressure pumping and completions products and services. In contrast, the deepwater moratorium and permitting delays on the shelf significantly reduced activity in the Gulf of Mexico, partially offsetting the increases in revenue and operating profit onshore." Baker Hughes Incorporated (BHI) finished the previous trading day at $46.42 per share. The consensus price target of analysts covering the company's stock is $53.32 per share. Read more from Benzinga's Company news.