Oil services provider Baker Hughes Inc. (BHI) reported a slight decline in its first-quarter 2012 net income attributable to the company to $379 million or $0.86 per share from $381 million or $0.87 per share last year. On average, 29 analysts polled by Thomson Reuters expected earnings per share of $0.80 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the 2012 first quarter was $5.36 billion, up 18% from $4.53 billion a year ago, while 20 analysts estimated revenues of $5.22 billion for the quarter.
The company noted, "We expect to realize significant benefits from these improvements in the second half of 2012; however, it is clear that the overall market is experiencing pricing pressure that is likely to extend throughout 2012."
by RTT Staff Writer
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