Baker Hughes Q4 boosted by Middle East, Africa drilling

Baker Hughes (BHI) +0.8% premarket after reporting a 16% Y/Y increase in Q4 earnings, benefitting from operational growth in the Middle East and Africa.

Revenue from Middle East and Asia Pacific jumped 27% in the quarter despite a temporary shutdown of operations in southern Iraq in November that cost BHI $80M, or $0.18/share.

The North American segment, the company's largest geographic business by revenue, posted 7.2% higher revenue.

Despite healthy Q4 results, full-year earnings fell 1.3% to $1.17B vs. $1.35B in 2012, while full-year revenues rose 5% to $22.36B from $21.36B.

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