On July 17, Baker Hughes Inc. (NYSE: BHI) detailed its second-quarter 2014 financial results.
Adjusted net income and revenue for the quarter both increased. The adjusted net income was $404 million, compared with second-quarter 2013’s $240 million, the company said. Its revenue for the quarter was $5.9 million, compared with second-quarter 2013’s $5.5 million, the company added.
"This quarter we delivered record revenue and a 15% sequential increase in adjusted profit from operations," said Martin Craighead, the chairman and CEO.
"Our results reflect improved execution and the rapid deployment of innovative new products and services around the world,” he added.
Regarding shareholders and liquidity, at the end of the quarter, there was about $1.2 billion remaining under current authorization after $200 million—2.9 million shares—worth of buybacks, Baker Hughes said.
Capex decreased relative to depreciation and amortization (D&A), the company noted. Second-quarter 2014’s were $424 million, down from $454 million in D&A.
Adjusted EBITDA increased from first-quarter 2014, Baker Hughes said, noting that the second quarter’s $1.2 million was an increase of $112 million. Also, compared with second-quarter 2013, the adjusted EBITDA for second-quarter 2014 increased by $299 million, the company added.
Houston-based oilfield services company Baker Hughes Inc. works worldwide.
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