Why Baker Hughes Shares Are Diving Today - Baker Hughes (NASDAQ:BKR)

Baker Hughes Co BKR reported a second-quarter revenue decline of 2% year-over-year and a 4% growth sequentially to $5.05 billion, missing the consensus of $5.34 billion.
Orders grew by 15% Y/Y to $5.9 billion and were down 14% sequentially.
Revenues by segments: Oilfield Services $2.69 billion (+14% Y/Y), Oilfield Equipment $541 million (-15% Y/Y); Turbomachinery & Process Solutions $1.29 billion (-21% Y/Y), and Digital Solutions $524 million (+1% Y/Y).
Adjusted EPS was $0.11, missing the consensus of $0.22.
The adjusted operating income was $376 million for the quarter (+13% Y/Y), and the margin expanded 97 bps to 7.5%.
Adjusted EBITDA was $651 million, up 4% sequentially and +6.6% Y/Y, and the margin expanded by 102 bps to 12.9%.
BKR's cash flow from operating activities year-to-date totaled $393 million, compared to $1.18 billion a year ago.
The company held cash and equivalents of $2.93 billion as of June 30, 2022.
"Our second quarter results were mixed as each product company navigated a different set of challenges ranging from component shortages and supply chain inflation to the suspension of our Russian operations," stated Lorenzo Simonelli, Baker Hughes chairman, and CEO.
"We believe the outlook for oil prices remains volatile, but still supportive of strong activity levels as higher spending is required to re-order the global energy map and likely offsets demand destruction in most recessionary scenarios," added Simonelli.
Price Action: BKR shares are trading lower by 9.39% at $25.57 during the market session on Wednesday.
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