Baker Hughes Earnings: Here’s Why Investors are Happy Now
Baker Hughes Incorporated (NYSE:BHI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2%.
Baker Hughes Incorporated Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 24.42% to $0.65 in the quarter versus EPS of $0.86 in the year-earlier quarter.
Revenue: Decreased 2.33% to $5.23 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Baker Hughes Incorporated reported adjusted EPS income of $0.65 per share. By that measure, the company beat the mean analyst estimate of $0.63. It beat the average revenue estimate of $5.18 billion.
Quoting Management: “Our first quarter results reflect improvement in our North America segment,” said Martin Craighead, Baker Hughes’ President and Chief Executive Officer. “The increased revenues and profit margins in North America are due to higher activity levels in Canada, along with improved utilization in our Pressure Pumping business despite a 3% decline in the U.S. onshore rig count since last quarter. Following five consecutive quarters of declines in the U.S. rig count, we are now forecasting a modest increase for the remainder of the year.”
Key Stats (on next page)…