Bloomberg News

Baker Hughes Drops 9.5% After Reporting Third-Quarter Earnings

November 01, 2011

Nov. 1 (Bloomberg) -- Baker Hughes Inc., the third-largest oilfield-services provider, fell 9.5 percent in New York trading after announcing third-quarter profit that missed analysts’ estimates.

Profit excluding a tax benefit and loss related to early debt payment was $1.18 a share, 4 cents less than the average of 29 analysts’ estimates compiled by Bloomberg. Net income more than doubled to $706 million, or $1.61 a share, from $255 million, or 59 cents, a year earlier, the Houston-based company said in a statement today.

The earnings statement was released before the start of regular trading on U.S. markets. Baker Hughes dropped to $52.50 at 8:56 a.m. in New York.

Schlumberger Ltd. and Halliburton Co. are the world’s largest oilfield-services providers.

--Editors: Steven Frank, Simon Casey.

To contact the reporter on this story: Tina Davis in New York at tinadavis@bloomberg.net.

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net.


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