Baker Hughes Incorporated (NYSE: BHI) provides the following update to North America and International operations for the fourth quarter of 2012:
North America revenue and profit margins are expected to be lower than previous expectations due to weaker than anticipated onshore activity and further price erosion within Pressure Pumping operations. As a result, North America operating profit before tax margin1 is now expected to be between 8.5% and 9.5% for the fourth quarter of 2012, as compared to 11.7% in the third quarter of 2012.
International operations are being adversely impacted by several factors, including weaker than anticipated rig count activity in Brazil and Colombia, activity delays in the North Sea, and continued operational delays in Iraq. Despite these factors, International operating profit before tax margin1 is expected to be similar to the 12.0% reported in the third quarter of 2012 (excluding the impact of bad debts recognized in Latin America and Europe).
Baker Hughes will discuss the final results of the fourth quarter of 2012 in detail during its previously announced fourth quarter earnings conference call, which is scheduled to begin at 8:00 a.m. EST on Wednesday, January 23, 2013.
Source: Baker Hughes
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