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Baker Hughes profit beats consensus by 449.2% in Q3

Baker Hughes said its normalized net income for the third quarter amounted to $275.3 million, an increase of 100.2% from $137.5 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 5.1% from 4.5% in the year-earlier period.

Total revenue rose 77.7% year over year to $5.38 billion from $3.02 billion, and total operating expenses increased 85.7% year over year to $5.15 billion from $2.77 billion.

Reported net income totaled a loss of $104.0 million, or a loss of 24 cents per share.