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HOUSTON, April 15 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI) today updated its outlook for the first quarter of 2005, raising its expectations for income from continuing operations per diluted share for the first quarter of 2005 to between $0.52 and $0.53.
The company is continuing to review its preliminary results for the first quarter of 2005 and its outlook for the balance of the year. The company expects to increase its guidance for the full year when it releases additional details on its first quarter of 2005 results and conducts a conference call on April 27, 2005.
Chad C. Deaton, Baker Hughes chairman and chief executive officer, said, "The results for the first quarter of 2005 reflect pricing improvement, favorable geographic and product mix changes, and stronger than expected customer activity. Activity was stronger than we expected in the United States and Russia, weaker than expected in Canada and somewhat above our expectations in the rest of the world. In addition, corporate and other expenses excluding interest expense were less than expected, also contributing to the improved outlook for the first quarter results. We expect market conditions to remain favorable for both additional revenue growth and price improvements over the balance of the year."
Earnings Announcement and Conference Call
The company has scheduled a conference call on Wednesday, April 27, 2005 at 8:30 a.m. eastern, 7:30 a.m. central, to discuss results for the first quarter of 2005, ending March 31, 2005. The results for the first quarter of 2005, including updated guidance for fiscal year 2005, are expected to be released on Wednesday, April 27, 2005, before the market opens. To access the call, which is open to the public, please call the conference call operator at 800-374-2469, 20 minutes prior to the scheduled start time and ask for the "Baker Hughes Conference Call." A replay will be available through Wednesday, May 11, 2005. The number for the replay is 706-645-9291; the access code is 4835753. The conference call and replay will be web cast by CCBN. To access the web cast, go to http://www.bakerhughes.com/investor and select "News Releases," then click on "Conference Calls." Investors can automatically receive Baker Hughes e-mail alerts when news releases are posted to the company's internet site. To subscribe, go to http://www.bakerhughes.com/investor and choose "News Releases" and then "E- Mail Alerts."
This news release (and oral statements made regarding the subjects of this release, including on the conference call announced herein) contain forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). The words "expect," "believe," "will," and similar expressions are intended to identify forward-looking statements. There are many risks and uncertainties that could cause actual results to differ materially from the preliminary estimates in our forward- looking statements. These forward-looking-statements are also affected by the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and those set forth from time to time in our filings with the Securities and Exchange Commission. The documents are available through the Company's web site or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov . We undertake no obligation to publicly update or revise any forward-looking statement. Our expectations regarding our business outlook, including changes in our revenue, capital spending and profitability; oil and gas market conditions specific to our business; pricing, market share and contract terms; costs and availability of resources; changes in laws or regulatory conditions; economic conditions; and environmental matters are only forecasts regarding these matters.
These forecasts may be substantially different from actual results, which are affected by the following risk factors and the timing of any of those risk factors:
Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822
SOURCE Baker Hughes Incorporated