UPDATE: Baker Hughes Q2 Profit Drops 45%

Baker Hughes

reported a 45% drop in its second-quarter earnings. Baker Hughes's quarterly profit fell to $240 million, or $0.54 per share, from $439 million, or $1 per share, in the year-ago period. Its revenue rose 3% to $5.49 billion. However, analysts were expecting earnings of $0.65 per share on revenue of $5.26 billion. Its operating margin narrowed to 7.9% from 12%. Baker Hughes shares closed at $49.08 yesterday.