Baker Hughes Q3 Net Loss Widens

(RTTNews) - Baker Hughes Inc. (BHI) Tuesday reported wider net loss attributable to the company of $429 million, compared to net loss of $159 million a year ago. On an adjusted basis, net loss was $0.64 million or $0.01 per share.

On average, 33 analysts polled by Thomson Reuters expected the company to record loss of $0.44 per share.

Revenue for the quarter declined 38 percent to $2.353 billion from $3.786 billion last year. Wall Street expected revenue of $2.41 billion.

Looking ahead to the fourth quarter, the company expects activity in North America to modestly increase. Internationally, the company expects a decline in activity pricing pressure to continue, with minimal year-end, seasonal product sales unlikely to offset those declines.

Martin Craighead, chairman and chief executive officer said, "While we expect the market conditions to remain challenging near term, the structural changes we implemented in the past six months have created a stronger foundation for delivering on our objectives and positioning the company for growth."