Baker Hughes (NYSE: BHGE), an energy unit of General Electric Co. (NYSE:GE), said first-quarter profit more than doubled on higher demand for its oilfield services.
Net income advanced to US$70mln, or US$0.17 a share, from US$31mln, or US$0.07 a share, in the prior quarter, the company said in a statement today. Baker Hughes didn’t provide comparable year-earlier results.
Earnings per share excluding one-time items was US$0.09 share, beating estimates by Thomson Reuters of US$0.06.
Revenue rose 1% to US$5.4bln.
The stock was little changed at US$33.71 in pre-market trading.