HOUSTON (AP) — HOUSTON (AP) — Baker Hughes Co. (BKR) on Thursday reported first-quarter net income of $930 million.
The Houston-based company said it had profit of 93 cents per share. Earnings, adjusted for one-time gains and costs, were 58 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The oilfield services company posted revenue of $6.59 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $6.34 billion.
Baker Hughes shares have risen 42% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $64.49, an increase of 80% in the last 12 months.
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