UPDATE: Baker Hughes Q4 Profit Surges 16%

Baker Hughes

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.