Baker Hughes Incorporated (NYSE:BHI) announced third quarter results, including adjusted net income for the Q3 2012 of $322 million or $0.73 per diluted share.
As quoted in the press release:
Revenue for the third quarter of 2012 was $5.23 billion, up 3% compared to $5.06 billion for the third quarter of 2011 and remained relatively flat compared to $5.21 billion for the second quarter of 2012.
Baker Hughes’ President and CEO, Martin Craighead, said:
For the third quarter, Baker Hughes’ revenue was flat, despite a drop in U.S. and international rig counts. However, our margins were impacted by the well-known imbalance in the North American Pressure Pumping business. Additionally, activity was less than planned in several key geomarkets for Baker Hughes, resulting in an unfavorable mix. The clearest example is Canada, where the seasonal return of activity was nearly 30 percent less than this time last year. Internationally, the collective rig count in Brazil, Colombia, and Norway was down 17 percent compared to the last quarter, and these are all meaningful markets for Baker Hughes. In the fourth quarter, activity levels in our International segments are projected to rebound.