Performance of the two leading energy equipment and services companies, Schlumberger Limited and Baker Hughes Incorporated Baker Hughes Incorporated (BHI) announced earnings for the first quarter of its fiscal 2014 (1QFY14; ended March 31, 2014) yesterday before the opening bell. After the earnings announcement, the stock price of the Houston, Texas-based company rose 3.05% by the end of trading yesterday. Schlumberger Limited (SLB), the largest energy equipment and services company, also reported its earnings for 1QFY14. It missed revenue estimates but managed to top earnings expectations for the quarter. Expectations Baker Hughes reported revenues of $5.731 billion for the quarter, a 9.6% increase year-over-year (YoY). Analysts’ expectations for revenues were $5.717 billion, meaning that Baker has beaten revenue estimates for the sixth consecutive quarter. Net income soared 22.85% to $328 million, primarily due to continued growth from the Middle East and Asia Pacific region. This translates into adjusted earnings per share (EPS) of $0.84, which beat analysts’ estimates by 7.55%. This is the third consecutive quarter that the company has outstripped the Street’s expectations for the quarter.
