UPDATE: Baker Hughes Q4 Profit Surges 16%
Baker Hughes (NYSE: BHI) reported a 16% gain in its fourth-quarter profit.
Baker Hughes posted its quarterly profit of $248 million, or $0.56 per share, versus a year-ago profit of $214 million, or $0.49 per share. Excluding one-time items, it earned $0.62 per share.
Its revenue climbed 10% to $5.86 billion. However, analysts were expecting earnings of $0.61 per share on revenue of $5.67 billion.
Baker Hughes shares closed at $54.14 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.