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Baker Hughes Q1 profit falls YOY

Baker Hughes said its normalized net income for the first quarter amounted to $104.5 million, a fall of 24.3% from $138.0 million in the year-earlier period.

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

The normalized profit margin declined to 3.4% from 4.1% in the year-earlier period.

Total revenue decreased 8.7% on an annual basis to $3.11 billion from $3.41 billion, and total operating expenses decreased 9.2% year over year to $2.93 billion from $3.22 billion.

Reported net income fell 11.3% from the prior-year period to $125.0 million, or 29 cents per share, from $141.0 million.