Baker Hughes BKR,
The energy technology company on Tuesday posted a fourth-quarter net profit of $439 million, or 43 cents a share, compared with $182 million, or 18 cents a share, for the same period a year earlier.
Stripping out one-time items, the company’s earnings per share came in at 51 cents. Analysts surveyed by FactSet forecast adjusted earnings per share of 48 cents.
Revenue climbed 16% to $6.84 billion, missing analysts’ expectations of $6.93 billion, according to FactSet.
“Baker Hughes is on its way to becoming a leaner and more efficient energy technology company. We continue to carefully execute our plan to drive margins meaningfully higher,” Chief Executive Lorenzo Simonelli said.
