- NEW YORK: Baker Hughes reported an over three-fold increase in quarterly profit as the world’s third-largest oilfield services provider enjoyed the same boost from a US drilling boom that lifted the competition.
Larger rivals Schlumberger and Halliburton both delivered better-than-expected results recently, largely driven by a surge in US activity.
Second-quarter net profit at Baker Hughes increased to $338 million, or 77 cents a share, from $93 million, or 23 cents a share, a year earlier.
Excluding items, the Houston-based company earned 93 cents a share. Revenue grew 41 percent to $4.74 billion.
Analysts had expected earnings of 91 cents, on revenue of $4.54 billion, according to Thomson Reuters I/B/E/S.