Baker Hughes Co. BKR, +1.39% announced Wednesday that its first-quarter revenue and profit exceeded expectations due to the strength of its oilfield equipment and services business. Stocks of the oil services company were little changed before market open. The net income increased to $576m, or 57c per share, up from $72m, or 8c a piece. Earnings per share adjusted to exclude nonrecurring items increased from 15 cents to 28 cents, exceeding the FactSet consensus estimate of 26 cents. Revenue increased 18.2%, to $5.72 Billion. This was above the FactSet consensus estimate of $5.55 Billion. Orders increased 11.6% to $7.63 Billion, with oilfield equipment and services orders jumping 25.4% to $4.1 billion. Industrial and energy technology orders dropped 1% to $3.53 Billion. Lorenzo Simonelli, Chief Executive Officer, said: “We believe the current environment is unique. It has a spending cycle which is less volatile and more resilient to commodity price fluctuations than previous cycles.” “Another noteworthy characteristic of this cycle, is the continued move towards the development and production of LNG [liquid natural gases].” The stock’s performance has been down 0.1% for the year, while S&P 500 , SPX, +0.45%, has gained 8.2%.