US oilfield services company Baker Hughes Co. increased net profit and decreased revenue in the second quarter, at the same time adjusted profit and revenue exceeded market expectations.
The company said in a press release that net income for the April-June period was $701 million, compared with $579 million in the same period a year earlier. Earnings per share rose to 71 cents from 58 cents.
Earnings excluding one-time factors came in at 63 cents per share, beating the consensus forecast of 55 cents per share from analysts surveyed by FactSet.
Baker Hughes’ quarterly revenue fell 3% to $6.91 billion from $7.14 billion a year earlier, with experts’ average forecast of $6.63 billion.
Revenue in oilfield services and equipment manufacturing fell 10% to $3.62 billion last quarter. Revenue in the industrial and energy technologies segment rose 5% to $3.29 billion.
Baker Hughes’ total orders last quarter rose 9% from the first quarter and fell 7% from the second quarter of 2024 to $7.03 billion.
Baker Hughes shares are up 2.2 per cent in early trading on Wednesday.