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Baker Hughes fourth-quarter profit jumps amid revenue growth

Baker Hughes
said profit jumped in the latest quarter, boosted by a stronger topline performance.

The energy technology company on Tuesday posted a fourth-quarter net profit of $439 million, or 43 cents a share, compared with $182 million, or 18 cents a share, for the same period a year earlier.

Stripping out one-time items, the company’s earnings per share came in at 51 cents. Analysts surveyed by FactSet forecast adjusted earnings per share of 48 cents.

Revenue climbed 16% to $6.84 billion, missing analysts’ expectations of $6.93 billion, according to FactSet.

“Baker Hughes is on its way to becoming a leaner and more efficient energy technology company. We continue to carefully execute our plan to drive margins meaningfully higher,” Chief Executive Lorenzo Simonelli said.

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