Baker Hughes Q3 profit up 22%, shares +5.3% premarket

|About: Baker Hughes Inc. (BHI)|By:, SA News Editor

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.