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Baker Hughes Co. posts loss but adjusted profit beats target

baker-hughes-co.-posts-loss-but-adjusted-profit-beats-target

Shares of Baker Hughes Co. BKR, +5.96% rose 0.9% in premarket trades Wednesday after the drill bit maker beat its adjusted earnings target. Baker Hughes reported a third-quarter loss of $17 million, or 2 cents a share, after net income of $8 million, or a penny a share, in the year-ago period. Third-quarter adjusted income rose to 26 cents a share from 16 cents a share, in the year-ago quarter. Revenue increased by 5% to $5.37 billion from $5.09 billion in the year-ago period. Wall Street analysts expected Baker Hughes to earn 24 cents a share on revenue of $5.41 billion, according to estimates compiled by FactSet. CEO Lorenzo Simonelli said the company was “generally pleased” with the results.

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