UPDATE: Baker Hughes Posts Upbeat Q1 Profit

Baker Hughes Inc BHI posted a better-than-expected first-quarter profit. Baker Hughes' quarterly profit climbed to $379 million, or $0.86 per share, versus a year-ago profit of $381 million, or $0.87 per share. Its revenue climbed 18% to $5.36 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $5.23 billion. Baker Hughes' operating margin declined to 11.7% from 14.1%. Revenue from North America climbed 21% to $2.86 billion Baker Hughes shares closed at $41.07 yesterday.