October 18, 2013 / 10:43 AM / in 5 years

UPDATE 1-Baker Hughes profit up on strong international drilling

* 3rd-quarter adjusted EPS $0.81 vs est $0.78

* Middle East, Asia Pacific revenue up 10 pct

* Total revenue rises 8 pct

Oct 18 (Reuters) - Baker Hughes Inc, the world’s third-largest oilfield services company, reported a better-than-expected quarterly profit, driven by strong drilling activity in the Middle East and Asia Pacific.

A seasonal recovery in Canada helped. Drilling activity in Canada usually picks up in the summer after the ground dries.

Total revenue rose about 8 percent to $5.79 billion, with revenue from the Middle East and Asia Pacific region increasing by about 10 percent.

The Houston-based company has ramped up its global operations as weak natural gas prices continued to hurt demand for pressure pumping services in North America.

Net income rose 22 percent to $341 million, or 77 cents per share in the third quarter, from $279 million, or 63 cents per share, a year earlier.

Excluding one-time items related to restructuring in Latin America, Baker Hughes earned 81 cents per share.

Analysts on average had expected earnings of 78 cents on revenue of $5.77 billion.

Schlumberger Ltd, the world’s largest oilfield services provider, also reported a profit that topped analysts’ estimates due to a resilient North American market and growth in its international business.

Baker Hughes shares, which have risen 5 percent in the last three months, closed at $51.78 on the New York Stock Exchange on Thursday.

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