Baker Hughes profit falls on lower N America drilling
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.
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Two killed, four wounded in Washington state school shooting
- Two U.S. states to quarantine health workers returning from Ebola zones |
- NYC police say hatchet attack by Islam convert was terrorism |
- 'We won't pay,' furious Cameron tells EU over surprise bill |