BAKER HUGHES Q2 2017 RESULTS
Baker Hughes, a GE company, announced today the premerger Baker Hughes Incorporated financial results for the second quarter of 2017. Baker Hughes, a GE company, is the successor to Baker Hughes Incorporated. Revenue for the second quarter of 2017 was $2.4 billion, an increase of $142 million, or 6%, sequentially. The increase was driven by improved activity across U.S. operations, a seasonal activity uplift in the Russia Caspian region, process and pipeline business, and North Sea operations, and certain areas of activity growth internationally, such as Mexico, West Africa, and Iraq. This increase was partially offset by the seasonal spring break-up in Canada, price deterioration in the Middle East, and a large direct sale into China in the prior quarter, not repeating.
On a GAAP basis, net loss attributable to Baker Hughes for the second quarter of 2017 was $179 million, or $0.42 per diluted share, compared to $129 million, or $0.30 per diluted share, in the first quarter of 2017. Adjusted net loss (a non-GAAP measure) for the second quarter of 2017 was $46 million, or $0.11 per diluted share, compared to $15 million, or $0.04 per diluted share, in the first quarter of 2017. For the quarter, capital expenditures were $129 million, an increase of $42 million, or 48%, sequentially. The sequential increase in capital expenditures was mainly attributable to revenue generating assets to meet increased activity levels. (Source: Baker Hughes)