Baker Hughes Co. (BKR) reported Wednesday a wider-than-expected second-quarter loss on revenue that fell more than forecast, amid the COVID-19 pandemic and the "sharp decline" in activity as a result of lower oil and gas prices. The energy services and technology company's stock was indicated up less than 1% in the premarket. The company reported a net loss that widened to $201 million, or 31 cents a share, from a loss of $9 million, or 2 cents a share, in the year-ago period. Excluding non-recurring items, the company swung to a loss per share of 5 cents from earnings of 11 cents, compared with the FactSet consensus for a per-share loss of 1 cent. Revenue fell 21% to $4.74 billion, just shy of the FactSet consensus of $4.79 billion. Oilfield services revenue declined 26% to $2.41 billion to top the FactSet consensus of $2.34 billion, while turbomachinery and process solutions revenue dropped 17% to $1.16 billion to miss expectations of $1.40 billion. Oilfield equipment revenue was roughly flat at $696 million, above expectations of $693 million. The stock has tumbled 36.4% year to date through Tuesday, while the S&P 500 has gained 0.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 22, 2020 07:17 ET (11:17 GMT)
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