Baker Hughes Reports Solid Results, Beats EPS By $0.09
Apr 27, 2011
Baker Hughes (NYSE:BHI) reported EPS of $0.87 today, beating the consensus estimate for $0.78 per share. Revenue for the quarter was up 78% year-over-year to $4.53 billion, beating the consensus estimate for $4.28 billion. The year ago quarter does not included the results of BJ Services, which Baker Hughes acquired at the end of April 2010.
Chad C. Deaton, Baker Hughes chairman and chief executive officer, said, "International margins continued to improve in the first quarter, despite weather and geopolitical disruptions, as we made steady progress towards our goal of exiting 2011 with international operating margins in the mid-teens. The foundation of our improvement plan has been managing costs and improving efficiency, which have driven the increase in profitability we have seen to date. As we move towards the second half of 2011, activity growth becomes a more important driver of future improvement.