Baker Hughes Announces Second Quarter Results

Tuesday, July 22, 2008

Baker Hughes Incorporated announced that net income for the second quarter 2008 was $379.3m or $1.23 per diluted share compared to $349.6 million or $1.09 per diluted share for the second quarter 2007 and $395.0 million or $1.27 per diluted share for the first quarter 2008. Net income for the second quarter of 2008 includes a net charge of $62.0 million ($40.3 million after-tax or $0.13 per diluted share), relating to the settlement of litigation with ReedHycalog announced May 22, 2008. Net income for the first quarter 2008 includes a gain of $28.2 million ($18.4 million after-tax or $0.06 per diluted share) from the sale of the Completion and Production segment's Surface Safety Systems ("SSS") product line.

Revenue for the second quarter 2008 was $2,997.5 million, up 18% compared to $2,537.5 million for the second quarter 2007 and up 12% compared to $2,670.4 million for the first quarter 2008. revenue for the second quarter 2008 was up 20% compared to the second quarter 2007 and up 9% compared to the first quarter 2008. Outside of , revenue for the second quarter 2008 was up 17% compared to the second quarter 2007 and up 15% compared to the first quarter 2008.

During the second quarter of 2008, debt increased $74.8 million to $1,621.2 million, and cash and short-term investments increased $41.3 million to $1,071.7 million compared to the first quarter of 2008. In the second quarter 2008, the company's capital expenditures were $312.4 million, depreciation and amortization expense was $155.7 million and dividend payments were $39.9 million.

During the second quarter of 2008, the company repurchased 51,000 shares of common stock at an average price of $87.08 per share for a total of $4.4 million. At the end of the second quarter of 2008, the company had authorization remaining to repurchase approximately $251.7 million in common stock.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Maersk CEO Looks to Increase Market Share

A.P. Moller-Maersk's chief executive said its container shipping arm Maersk Line probably gained market share in the second half of 2015 after losing some in the first half of the year.

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0671 sec (15 req/sec)