Baker Hughes: Iraq protest hurt 4Q earnings
Baker Hughes says protest in Iraq hurt its 4th-quarter earnings performance
HOUSTON (AP) -- Oilfield services company Baker Hughes said Friday that its fourth-quarter earnings were hurt by a protest in Iraq.
The company's operations were suspended in Iraq in November due to a protest but resumed by the end of December. The disruption caused it to lose revenue and incur expenses for personnel movements and security measures.
Baker Hughes Inc. said the Iraq disruption pulled down its quarterly earnings by about 18 cents per share.
The company forecast fourth-quarter adjusted earnings in a range of 60 cents to 62 cents per share. If not for the Iraq disruption, Baker Hughes said that those earnings would have been between 78 cents and 80 cents per share.
Analysts surveyed by FactSet expected earnings of 79 cents per share.
The company also announced that it repurchased $350 million shares of its common stock in the quarter.
Shares of Baker Hughes added 31 cents to $52.13 in afternoon trading.
