WRAPUP 2-Baker Hughes profit beats, Weatherford misses

* Baker Hughes Q4 EPS 43 cts tops Wall St view of 35 cts

* Weatherford Q4 EPS 2 cts misses Wall St view of 11 cts

* Activity seen rebounding, but margins to lag

* Baker Hughes shares climb, Weatherford slips (Recasts, add analyst comment, share prices)

NEW YORK, Jan 26 (Reuters) - Baker Hughes Inc (BHI.N) posted better-than-expected quarterly profit on Tuesday as its energy producing customers pushed ahead with large orders, but Weatherford International Ltd (WFT.N) fell short of Wall Street forecasts as North American sales weakened.

Shares in Baker Hughes rose 3.7 percent in premarket trade, while Weatherford shares slipped about 6 percent.

The oilfield service sector has been battered over the past year as its energy producers cut spending on new wells amid weak energy demand.

As oil prices have steadied in recent months and the global economy emerges from its slump, Baker Hughes predicted an increase in both international and North American activity.

"However, margins will remain under pressure as the impact of price discounts negotiated in 2009 are reflected in 2010 results," Chad Deaton, chief executive of Baker Hughes, said in a statement.

Those comments echoed the sentiments from sector leaders Schlumberger Ltd (SLB.N) and Halliburton Co (HAL.N), which both posted fourth-quarter profits that beat estimates. But concerns about Schlumberger's margins and Halliburton's first-quarter costs weighed on their shares. [ID:nN25221852]

Baker Hughes, which expects to close the planned takeover of BJ Services Co BJS.N by the end of March, posted an 81 pct drop in net income for the fourth quarter 2009 of $84 million, or $0.27 per share, from a year earlier.

Excluding reorganization, severance and acquisition-related costs, and an increase to our allowance for doubtful accounts, Baker Hughes earnings of 43 cents topped analysts' average forecast of 35 cents per shares, according to Thomson Reuters I/B/E/S.

Revenue for the quarter fell 24 percent to $2.43 billion, above the $2.32 billion analysts had expected. Its North American revenues shrunk to $890 million from $1.41 billion a year earlier.

Baker Hughes shares were up $1.66 at $46.25 in premarket trading.

Weak demand in North America and thin margins weighed on Weatherford, and the company will not likely see a rebound until the second half, one analyst said.

"We would expect margins to remain under pressure until mid-year," UBS Investment Research analyst Angeline Sedita said in a note to investors.

"However opportunities for additional international growth in the back half of 2010 will become more visible as we progress through the year," she said.

Weatherford fell to a net loss of $30.4 million, or 4 cents per share, from a profit of $348.1 million, or 50 cents per share, in the year-earlier quarter.

Excluding inventory reserves and write-offs, legal charges and other items, Weatherford posted a profit from continuing operations of 2 cents per share, missing analysts' forecasts of 11 cents per share, according to Thomson Reuters I/B/E/S.

Revenue fell 8 percent to $2.43 billion, topping analysts forecast of $2.28 billion.

Weatherford shares were down $1.08 at $16.62 in premarket trading. (Reporting by Matt Daily in New York and Shailesh Kuber in Bangalore; Editing by Derek Caney)