Baker Hughes Revenue Flat, Loss Shrinks
Baker Hughes has recognized ‘pre-merger’ net loss for the quarter ended June 30, 2017 of $179 million, or 42 cents per share, against $911 million or $2.08 per share in the corresponding period in 2016.
Sequentially, net loss widened from $129 million, or $0.30 per diluted share.
Adjusted net loss for the quarter was $46 million, or $0.11 per diluted share, excluding adjustments totaling $133 million after tax, or $0.31 per diluted share.
Quarterly revenue was $2.4 billion, relatively flat year-over-year, and up some 6% when compared to Q1 2017.
During the first quarter the company booked GE merger-related costs of some $49 million.
Baker Hughes was officially announced as a GE company on July 4, 2017, in a partnership structure, pursuant to which Baker Hughes was converted to a partnership and GE contributed its Oil & Gas business into that partnership.
Subsea World News Staff