Baker Hughes sees Q1 earnings shortfall

Reuters, 04.11.03, 1:23 AM ET NEW YORK, April 11 (Reuters) - Baker Hughes Inc, the world's third-largest oilfield-services company, on Friday forecast a first-quarter profit shortfall due to business interruptions from civil unrest in Nigeria and war-related delays in the Middle East. The Houston-based company said it expects to post a quarterly profit from continuing operations of between 13 cents and 14 cents a share. According to research firm Thomson First Call, Baker Hughes was forecast to report, on average, a first-quarter profit of 19 cents a share, on estimates ranging from 17 cents to 22 cents a share. A year ago, Baker Hughes reported a first-quarter profit of 22 cents a share. The company also cited the impact of ongoing weakness in activity in the U.S. Gulf of Mexico and the North Sea, incremental pressure on pricing and slower than expected resumption of industry activity in Venezuela. Baker Hughes shares closed up 78 cent, or 2.63 percent, at $30.39 on the New York Stock Exchange on Thursday