Baker Hughes reports best operating margins since 1985

HOUSTON, Apr. 25 -- Baker Hughes Inc. Wednesday said its operating margins were the best since 1985, and it reported first-quarter net income of $71.1 million, or 21¢/share, compared with $15.4 million, or 4¢/share, for the same time last year.

Michael E. Wiley, Baker Hughes chairman, president and CEO, said, "Baker Hughes' operating results are on track for continued improvement in the coming quarters, subject to continued strong North American activity, pricing improvements in all divisions, and increases in international activity."

Total revenue for the first quarter was $1.23 million, compared with $1.24 million reported for same time last year.

But revenues from core oil field operations, excluding the Western Geophysical unit, rose 23% to $1.16 billion. Oil field operating margins, excluding Western GECO, were 15%, Wiley said.

The quarter included a one-time restructuring charge of $4.9 million related primarily to Baker Process' German operation.