Posted on January 23, 2013 at 8:19 AM
HOUSTON—Oilfield services company Baker Hughes Inc. says its fourth-quarter net income fell 32 percent, dragged down by a hefty charge.
The Houston company said Wednesday that it plans to lower its capital expenditures by about 30 percent this year.
For the three months ended Dec. 31, Baker Hughes earned $214 million, or 49 cents per share. A year earlier it earned $314 million, or 72 cents per share. Removing a charge of 14 cents per share for bad debt provisions in Latin America, earnings from continuing operations were 62 cents per share.
Revenue dipped 2 percent to $5.22 billion from $5.3 billion.
Baker Hughes earned $1.31 billion, or $2.97 per share, for the full year—compared to $1.74 billion, or $3.97 per share, in the prior year.