HOUSTON (AP) — Oilfield services company Baker Hughes Inc.'s first-quarter net income fell 30 percent, although its adjusted results beat analyst expectations.
The company earned $267 million, or 60 cents per share, for the quarter that ended March 31. That was down from $379 million, or 86 cents per share, a year earlier.
Revenue fell 2 percent to $5.23 billion from $5.36 billion a year earlier.
It said its profit would have been 65 cents per share if not for the devaluation of Venezuela's currency in February. Analysts surveyed by FactSet had been expecting earnings of 62 cents per share on revenue of $5.22 billion.
The company said results improved in its North America segment because of more activity in Canada. That helped to offset a 3 percent decline in the number of onshore rigs in the U.S. since the end of 2012. That count has fallen for five quarters in a row, but the company expects a "modest increase" for the rest of this year.
The company's stock fell 40 cents to $44.20 per share in midday trading. They have traded in a 52-week range of $37.08 to $50.97.