Baker Hughes: 3Q Earnings Snapshot
HOUSTON (AP) _ Baker Hughes a GE company (BKR) on Wednesday reported third-quarter profit of $57 million.
On a per-share basis, the Houston-based company said it had net income of 11 cents. Earnings, adjusted for non-recurring costs, were 21 cents per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The oilfield services company posted revenue of $5.88 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $6.11 billion.
Baker Hughes shares have climbed 88% since the beginning of the year. The stock has risen 52% in the last 12 months.