Baker Hughes Swings To Quarterly Loss Due To Restructuring Charges

  • Baker Hughes Co 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.
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