Baker Hughes reported a decline in third-quarter profit as the prolonged conflict in the Middle East impacted demand for its services and equipment. Despite the profit dip, the company saw a 14.5% year-on-year revenue increase to $8.03 billion. Financial results exceeded analyst expectations, with a non-GAAP profit of $0.70 per share and an adjusted EBITDA of $1.42 billion, beating estimates by 13.8% and 5.1% respectively.
Quarterly orders reached $10.764 billion and revenue rose 14% year over year, while reported net income fell as adjusted earnings grew.
Read the full storyProfit fell from $609 million a year earlier, despite pre-release estimates pointing to revenue growth; Reuters said the prolonged conflict weakened regional demand.