Baker Hughes, Inc. (BHI) Tops Q2 EPS by 2c

Baker Hughes, Inc. (NYSE: BHI) reported Q2 EPS of $0.92, $0.02 better than the analyst estimate of $0.90. Revenue for the quarter came in at $5.9 billion versus the consensus estimate of $5.86 billion.

"This quarter we delivered record revenue and a 15% sequential increase in adjusted profit from operations," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "Our results reflect improved execution and the rapid deployment of innovative new products and services around the world.

"In North America, newly introduced well construction and production technologies, such as the Kymera™ hybrid drill bit and ProductionWave™ production solution, are seeing unprecedented demand resulting in record revenue in our drilling services, drill bits, upstream chemicals, and artificial lift product lines. The rising sales of these products, along with an increase in onshore and offshore activity in the United States, more than offset the seasonal decline in our Canadian business.

"Internationally, we are leveraging new logging-while-drilling and wireline technologies to gain share within several critical offshore markets, including the United Kingdom, West Africa, and Australia. In the onshore markets, we are entering the early stages of global shale development. Products and services we recently introduced to improve the economics of North America shale production, are now finding new homes in the Middle East, Argentina, North Africa, Russia, and China.

"Around the world, the fundamentals of our business continue to strengthen. We anticipate increased activity for the remainder of the year in the form of higher international rig counts, and increased North American well counts. As a result, we project strong earnings growth as we fulfill the industry's growing need for innovative new technologies."

For earnings history and earnings-related data on Baker Hughes, Inc. (BHI) click here.

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