Baker Hughes Announces Third Quarter Results


Adjusted net income for the third quarter of 2013 excludes after-tax severance charges of $17 million ($0.04 per diluted share) related to restructuring in Latin America, but includes an after-tax charge of $42 million ($0.09 per diluted share) for bad debt provisions in Latin America.

"During the quarter, we achieved record revenue and strong earnings growth. In addition, we increased margins sequentially in each of our four geographic segments," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "Specifically, in our Eastern Hemisphere operations, we increased revenue 20% compared to the same quarter last year at higher margins as a result of increased activity and improved mix. This growth was led by strong performance in the Middle East, Asia Pacific, Africa, and Russia Caspian.

"North America also delivered higher margins with the seasonal recovery in Canada and improved performance in all of our product lines. Across the region, growth was led by our Drilling Services, Completions Systems, Artificial Lift, and Upstream Chemicals businesses.

"The increasing complexity of oil and gas production aligns with our strength in technology and reservoir expertise. By leveraging our heritage of innovation, we will continue to deliver new technologies and unique solutions that address tomorrow s exploration and production challenges."

Cash increased $245 million to $1.37 billion as of September 30, 2013, compared to $1.12 billion at June 30, 2013. Debt decreased by $334 million to $4.58 billion compared to the second quarter of 2013.

Capital expenditures were $511 million, depreciation and amortization expense was $423 million and dividend payments were $68 million in the third quarter of 2013.

Adjusted EBITDA (a non-GAAP measure) in the third quarter of 2013 was $1.0 billion, an increase of $158 million compared to the second quarter of 2013.

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