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HOUSTON (AP) — HOUSTON (AP) — Baker Hughes Co. (BKR) on Thursday reported fourth-quarter earnings of $1.18 billion.
The Houston-based company said it had net income of $1.18 per share. Earnings, adjusted for non-recurring gains, came to 70 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The oilfield services company posted revenue of $7.36 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $7.09 billion.
For the year, the company reported profit of $2.98 billion, or $2.98 per share. Revenue was reported as $27.83 billion.
Baker Hughes shares have increased almost 9% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $44.60, a climb of 52% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BKR at https://www.zacks.com/ap/BKR