Join        Login             Stock Quote

Baker Hughes (BHI) 4Q Earnings Drops 32 Pct, Miss Estimates

 January 23, 2013 08:19 AM

(By Balaseshan) Baker Hughes Inc. (NYSE: BHI), a supplier of oilfield services, reported a 31.8% drop in quarterly earnings due to the imbalance in the North American Pressure Pumping business. Earnings missed Street's expectations.

Earnings from continuing operations for the fourth quarter were $211 million or $0.48 per share, lower than last year's $331 million or $0.76 per share. Adjusted EPS from continuing operations fell to $0.48 from $1.20.

Revenue declined 1% to $5.22 billion, and remained relatively flat compared to $5.23 billion for the third quarter of 2012.

Analysts, on average, polled by Thomson Reuters had expected earnings of $0.61 per share on revenue of $5.20 billion for the fourth quarter.

[Related -Baker Hughes Incorporated (BHI): Global Energy Leader Set To Jump 39% In 12 Months]

Revenue from North America fell 9.6% to $2.56 billion, while Latin America revenue increased 6.1% to $639 million. Revenue from Europe/Africa/Russia Caspian rose 4.4% to $950 million, while Middle East/Asia Pacific revenue grew 15.4% to $882 million.

"Our fourth quarter results reflect the challenges faced by the industry as North American activity declined sharply towards the end of the year, and we continue to deal with unfavorable pricing conditions in the pressure pumping market," said Martin Craighead, Baker Hughes' President and Chief Executive Officer.

The company said it experienced a decline in North America revenues and margins this quarter, which were almost entirely offset by gains in its international business, driven by record revenues in all of its international segments during the quarter.

[Related -Stock Upgrades And Downgrades: BBBY, BHI, CTXS, FRX, MSFT, TSL, VMW]

BHI closed Tuesday's regular session up 1.24% at $44.85. The stock has been trading between $37.08 and $52.93 for the past 52 weeks.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageHas Warren Buffett Found The Best Investment In Oil?

Shares of oil stocks plunged again as the price of West Texas Intermediate wiped out nearly half of its read on...

article imageDemand For Safe-Haven Bonds Surged Last Week

The crowd piled into investment-grade bonds last week as economic worries triggered an exodus out of risky read on...

article imageThoughts on MetLife and AIG

In some ways, this is a boring time in insurance investing.  A lot of companies seem cheap on a book and/or read on...

article imageA 2016 Recession Would Be Different

If the US or the Eurozone entered a recession this year, a few macroeconomic variables would look very read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.