Baker Hughes Reports Fourfold Increase in Profit on Demand for Drilling

Baker Hughes Inc., the oilfield contractor that acquired BJ Services Co. last year, said profit quadrupled as higher crude prices lifted demand for drilling work in North America.
Net income rose to $335 million, or 77 cents a share, from $84 million, or 27 cents, a year earlier, the Houston-based company said in a statement today. Excluding acquisition-related costs and an investment gain, earnings were 19 cents more than the average of 31 analysts’ estimates compiled by Bloomberg. Revenue surged 82 percent to $4.42 billion.
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Sourece: Bloomberg