Baker Hughes reported a drop in profit for the fourth quarter owing to higher costs even as revenues increased 22 per cent from last year.
Revenue for the Q4 was US$5.39 billion compared to $4.42 billion for the fourth quarter 2010. For the year 2011, the company's revenue was US$19.83 billion, up 38 per cent compared to US$14.41 billion for the year 2010.
Benefited from increased activity
Martin Craighead, Baker Hughes President and Chief Executive Officer, said: "We are pleased with our international margins of 16 per cent in the fourth quarter, with contributions across all regions. Our business continues to improve and we benefited from increased activity, a favorable product mix as well as typical seasonal product sales."
Expects 2012 growth to continue
Craighead stated that Baker Hughes expects that in 2012 international growth will continue, particularly in the Latin America, Middle East, and deepwater markets.
