UPDATE: Baker Hughes Q4 Profit Down 32%

Baker Hughes

reported a 32% drop in its fourth-quarter earnings. Baker Hughes' quarterly profit fell to $214 million, or $0.49 per share, from $314 million, or $0.72 per share, in the year-ago period. Its revenue declined 1.4% to $5.22 billion. However, analysts were expecting earnings of $0.61 per share on revenue of $5.21 billion. Its operating margin dropped to 8.3% from 10.3%. Baker Hughes shares closed at $44.85 yesterday.