Baker Hughes profit falls on lower N America drilling

Wed Jan 23, 2013 6:10am EST

Jan 23 (Reuters) - Baker Hughes Inc, the world's third-largest oilfield services provider, reported a 36 percent fall in quarterly profit on decreased drilling in its biggest market, North America.

"We continue to deal with unfavorable pricing conditions in the pressure pumping market. As a result, we experienced a decline in North America revenues and margins this quarter," Baker Hughes Chief Executive Martin Craighead said in a statement.

Net income from continuing operations attributable to Baker Hughes fell to $211 million, or 48 cents per share, for the quarter ended Dec. 31, from $331 million, or 76 cents per share, a year earlier.

Revenue marginally fell to $5.22 billion, with nearly 50 percent of it coming from North America.

The company warned last month that fourth-quarter margins and revenue would be below its expectations.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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