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Baker Hughes Q1 Profit Down - Quick Facts

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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Baker Hughes Inc.'s shares gained around 7 percent in the extended trading on Thursday after conglomerate General Electric Co. confirmed, while responding to media reports, that it is in talks to buy the oilfield services provider. The stock is moving 6 percent ahead in the pre-market activity. Shares of Sanofi were gaining around 7 percent in the morning trading in Paris after the French drug maker on Friday raised its 2016 business earnings guidance, after it reported strong third-quarter results. In addition, the company set a 3.5 billion euros share repurchase program to be completed by the end of 2017. Swiss banking giant UBS Group AG (UBS) reported Friday an increased pre-tax profit for the third quarter despite weakness in net interest income. Net profit, however, decreased on the absence of last year's hefty tax benefit. Looking ahead, UBS said it is unlikely that the underlying macroeconomic uncertainty and geopolitical tensions will change in the foreseeable future.
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