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Baker Hughes Takes Down Guidance

It cites the war and Nigeria's troubles.

Baker Hughes


said it expects first-quarter earnings to miss analyst's estimates. The company cited civil unrest in Nigeria and the war in Iraq, among other reasons.

The company expects to earn 13 cents or 14 cents a share in the quarter ended March 31. Analysts were expecting 19 cents a share, and the company earned 22 cents a share in the year-ago quarter.

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Baker said a slower-than-anticipated resumption of activity in Venezuela, interruptions in activity in Nigeria due to civil unrest, war related delays in the Middle East, ongoing weakness in activity in the US Gulf of Mexico and the North Sea, and incremental pressure on pricing impacted earnings. Consequently, oilfield segment revenues are expected to be down 4% to 6%, the company said.

The Houston-based company will announce results on April 22 before the market opens. Shares closed at $30.39 Thursday on the

New York Stock Exchange