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Baker Hughes misses Street 3Q forecasts

Baker Hughes on Thursday reported third-quarter earnings of $375 million.

On a per-share basis, the Houston-based company said it had profit of 86 cents. Earnings, adjusted for restructuring costs and asset impairment costs, were $1.02 per share.

The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.

The oilfied services company posted revenue of $6.25 billion in the period, also missing Street forecasts. Analysts expected $6.29 billion, according to Zacks.

Baker Hughes shares have dropped almost 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 1 percent. The stock has climbed 7 percent in the last 12 months.

This story was generated by Automated Insights using data from Zacks Investment Research. BHI stock research report from Zacks.