Investing.com UK - Financial Markets Worldwide
🚀 ProPicks AI Hits +34.9% Return!Read Now

Baker Hughes Swings To Quarterly Loss Due To Restructuring Charges

Published 19/10/2022, 13:54
© Reuters. Baker Hughes Swings To Quarterly Loss Due To Restructuring Charges
BKR
-

  • Baker Hughes Co (NYSE: BKR) reported a quarterly loss of $(17) million compared with a profit of $8 million a year ago, hit by $230 million in restructuring and impairment charges relating to its latest reorganization.
  • The company reported an adjusted EPS of $0.26, beating the consensus of $0.25 in Q3 FY22.
  • Sales came at $5.4 billion, up 6% sequentially and 5% Y/Y.
  • Cash flows generated from operating activities were $597 million for the quarter. Free cash flow was $417 million.
  • "The macro outlook has grown increasingly uncertain as the global economy is dealing with strong inflationary pressures, a rising interest rate environment, and sizeable fluctuations in global currencies," said Lorenzo Simonelli, chief executive of Baker Hughes.
  • Revenue from its Oilfield Equipment unit dipped 7% year-over-year, driven partly by lower volumes in its Subsea Production Systems business. The Turbomachinery & Process Solutions revenue declined 8% over that period amid lower equipment and project volumes.
  • Orders for the quarter were $6,063 million, up 3% sequentially and 13% Y/Y.
  • The company named Nancy Buese as CFO, effective November 2.
  • Price Action: BKR shares are up 3.18% at $24.95 during the premarket session on the last check Wednesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.