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Friday, Oct 18
Baker Hughes Q3 profit up 22%, shares +5.3% premarket
- Baker Hughes (BHI) +5.3% premarket after Q3 earnings surged 22% Y/Y on strong global drilling activity.
- Total revenue rose 8.1% to $5.79B, with revenue from the Middle East and Asia Pacific region increasing by ~10%.
- In the North American segment, BHI's largest business by revenue, profit improved 2.4% while revenue rose 4.1% Y/Y; profit and revenue improved in other geographic regions except for Latin America.
- The balance sheet was strengthened by a $334M reduction in debt to $4.58B, and cash reserves rose $245M to $1.37B.