UPDATE: Baker Hughes Q3 Profit Down 60%

Baker Hughes

reported a 60% drop in its third-quarter earnings. Baker Hughes' quarterly profit fell to $279 million, or $0.63 per share, from $706 million, or $1.62 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.73 per share. Its revenue rose 3.2% to $5.23 billion. However, analysts were expecting earnings of $0.84 per share on revenue of $5.44 billion. Baker Hughes' operating margin declined to 8.8% from 15.9%, while total costs and expenses climbed 12% to $4.77 billion. Baker Hughes shares closed at $47.10 yesterday.