Baker Hughes posts jump in 2Q earnings, revenue

Oilfield services provider Baker Hughes Inc. said Tuesday its second-quarter profit rose about 9 percent as revenue surged.

For the period ended June 30, the company posted profit of $379.3 million, or $1.23 per share, compared with profit of $349.6 million, or $1.09 per share, in the year-ago period.

The latest quarter's results include an after-tax charge of 13 cents per share related to recent litigation.

Revenue rose about 18 percent to $3 billion from $2.54 billion.

Analysts polled by Thomson Financial expected earnings of $1.24 per share on revenue of $2.76 billion. Analyst estimates typically exclude one-time charges.

During the quarter, rig count rose 7 percent in the U.S.

"While the primary driver of increased rig activity in the U.S. compared to a year ago has been oil-directed drilling, we expect that our customers will increase the pace of their natural gas-directed activity in the second half of 2008, resulting in additional opportunities," Chad C. Deaton, Baker Hughes chairman, president and chief executive, said in a statement.

In premarket activity, shares of Baker Hughes added $3.19, or 3.8 percent, to $87.55.