Baker Hughes Revenue Slips, But Loss Narrows
Baker Hughes has recognized net loss for the quarter ended March 31, 2017 mainly on restructuring charges, asset impairments, and its GE merger-related costs.
However, the oilfield services company has improved year-over-year as well as sequentially.
Namely, for the first quarter of 2017, Baker Hughes had net loss of $129 million, or $0.30 per diluted share, compared to $981 million, or $2.22 per diluted share, in the year-ago quarter.
Sequentially, net loss narrowed from $417 million, or $0.98 per diluted share.
Adjusted net loss for the quarter was $15 million, or $0.04 per diluted share, excluding adjustments totaling $114 million after tax, or $0.26 per diluted share.
During the first quarter the company booked impairment and restructuring charges and GE merger-related costs of some $120 million.
Quarterly revenue, which continued to be affected by lower activity levels, was $2.3 billion, a decrease of 6% sequentially, and down $408 billion, or 15% compared to the first quarter of 2016.
“And, while we expect there to be headwinds offshore throughout the rest of 2017, we are winning in the right places, as evidenced by our recent tender awards,” said Martin Craighead, Baker Hughes chairman and CEO.
Subsea World News Staff