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GE's Baker Hughes profits from foreign focus

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GE's Baker Hughes profits from foreign focus
FILE PHOTO: A Baker Hughes sign is displayed outside the oil logistics company's local office in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren   -   Copyright  Chris Helgren(Reuters)
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(Reuters) – Oilfield services company Baker Hughes on Tuesday reported a quarterly profit that topped analysts’ average estimate as demand for the company’s services from its international customers rose.

Revenue from the company’s oilfield services business, which constitutes roughly half of its total sales, rose 12 percent to $2.99 billion (£2.30 billion) in the first quarter, beating the average analyst estimate of $2.87 billion, according to IBES data from Refinitiv.

Unlike bigger players Halliburton Co and Schlumberger NV, the General Electric Co unit has limited exposure to the North American pressure pumping sector where demand has weakened.

Baker Hughes said adjusted net income attributable to the company rose to $76 million, or 15 cents per share, in the three months ended March 31, from $38 million, or 9 cents per share, a year earlier.

Analysts on average had expected the company to report a profit of 13 cents per share.

Total revenue rose to $5.62 billion from $5.40 billion.

(Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel)

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