Baker Hughes Inc., the third-largest oilfield-services provider, fell 9.5 percent in New York trading after announcing third-quarter profit that missed analysts’ estimates.
Profit excluding a tax benefit and loss related to early debt payment was $1.18 a share, 4 cents less than the average of 29 analysts’ estimates compiled by Bloomberg. Net income more than doubled to $706 million, or $1.61 a share, from $255 million, or 59 cents, a year earlier, the Houston-based company said in a statement today.
The earnings statement was released before the start of regular trading on U.S. markets. Baker Hughes dropped to $52.50 at 8:56 a.m. in New York.
Schlumberger Ltd. and Halliburton Co. are the world’s largest oilfield-services providers.