Baker Hughes Net Surges, Revenue Up 83%
NEW YORK (TheStreet) -- Baker Hughes (BHI) said third-quarter net income surged to $255 million, or 59 cents a share, from $55 million, or 18 cents, the previous year, driven by seasonal recovery in Canada and U.S. land market strength.
Baker Hughes said drilling for unconventional oil and gas in key North American basins has driven demand for drilling, pressure pumping and completions products and services.
The latest quarter's earnings includes a tax benefit of 5 cents a share.
Revenue for the quarter rose 83% to $4.08 billion.
Analysts, on average, were expecting earnings of 47 cents on revenue of $3.8 billion.
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