Baker Hughes reports earnings decline

By David Wethe
Bloomberg News

Baker Hughes reported Friday a 30 percent decline in net income for the first quarter, dropping to $267 million, or 60 cents a share, from $379 million, or 86 cents, a year earlier. The results included a $23 million loss from the devaluation of Venezuela’s currency in February.

Unlike Schlumberger, Baker Hughes sees improvement in North America.

“Following five consecutive quarters of declines in the U.S. rig count, we are now forecasting a modest increase for the remainder of the year,” CEO Martin Craighead said in a statement.

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The earnings statement was released before the start of regular trading on U.S. markets. Schlumberger, which has 32 buy, one sell and six hold recommendations from analysts, rose 3 cents to $71 yesterday in New York. Baker Hughes gained 1.3 percent to $44.60.