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UPDATE: Baker Hughes Q2 Profit Beats Estimates, Shares Gain In Pre-Market

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Shares of Baker Hughes (NYSE: BHI) surged around 1.8% in pre-market trading after the company reported a 47% gain in its second-quarter income.

The Houston-based company posted a quarterly profit of $353 million, or $0.80 per share, versus a year-ago profit of $240 million, or $0.54 per share. Excluding certain items, its adjusted earnings came in at $0.92 per share.

Its revenue surged 8.2% to $5.94 billion. However, analysts were projecting earnings of $0.90 per share on revenue of $5.87 billion.

Baker Hughes' North American segment posted a 6.2% gain in revenue to $2.84 billion. Its revenue jumped 18% in the Middle East and Asia Pacific region and jumped 10% in the Europe, Africa and Russia Caspian segment. Baker Hughes' Latin America revenue declined 2.3%.

In the second quarter, capital expenditures were $424 million, while adjusted EBITDA rose to $1,159 million.

Martin Craighead, Baker Hughes Chairman and Chief Executive Officer said, "Our results reflect improved execution and the rapid deployment of innovative new products and services around the world.”

Baker Hughes shares gained 1.88% to $75.79 in pre-market trading.

Posted-In: profitEarnings News

 

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