Baker Hughes Posts Loss In Q1, Revenue Falls 20% - Quick Facts

(RTTNews) - Oilfield services provider Baker Hughes Inc. (BHI), which is being acquired by Halliburton Co. (HAL), Tuesday said net loss attributable to the company for the first quarter was $589 million or $1.35 per share, compared to profit of $328 million or $0.74 per share last year.

The latest results included $557 million, or $1.28 per share in adjustments for restructuring charges, inventory adjustments, and merger-related costs, and $133 million, or $0.30 per share, for other significant market-driven charges.

Adjusted net loss was $0.07 per share, while it was a profit of $0.84 per share last year. On average, 31 analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the first quarter fell 20 percent to $4.59 billion from $5.73 billion due to unfavorable market conditions. Analysts expected revenues of $5.35 billion.

Martin Craighead, CEO, said, "Our first quarter results are a reflection of the extreme market forces faced by our industry since late December. Consistent with past downturns, many of our customers have curtailed or canceled projects. The reduction in activity can clearly be seen in the North America rig count, which has been cut in half, dropping by more than 1,000 rigs so far this year. Similarly, international activity has begun falling, including significant rig count declines in Colombia, Mexico, Continental Europe, and Australia."