Bakers Hughes Sees Decline in 2Q07 Numbers
Baker Hughes Incorporated reports net income for the second quarter 2007 is estimated to be between $1.07 and $1.09 per diluted share compared to the $1.17 per diluted share reported for the first quarter of 2007.
The sequential decline in the second quarter of 2007 compared to the first quarter of 2007 primarily results from significant deterioration of activity and profitability in Canada -- particularly in the Drilling and Evaluation segment. Non-North American revenue growth in the second quarter of 2007 was consistent with previously disclosed guidance. The net income estimate includes an increase in the effective tax rate in the second quarter of 2007 to between 34% and 35% (approximately $0.03 per diluted share) associated with disallowed deductions arising from the previously announced resolution of investigations with the Securities and Exchange Commission and the Department of Justice. Repair and maintenance cost at INTEQ was also higher than expected (approximately $0.02 per diluted share).
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