HOUSTON (AP) — HOUSTON (AP) — Baker Hughes Co. (BKR) on Wednesday reported third-quarter net income of $518 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had profit of 51 cents. Earnings, adjusted for non-recurring gains, came to 42 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The oilfield services company posted revenue of $6.64 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $6.52 billion.
Baker Hughes shares have climbed 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $34.02, a rise of 30% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BKR at https://www.zacks.com/ap/BKR