Baker Hughes Slips To Loss In Q2 - Quick Facts

(RTTNews) - Baker Hughes Inc. (BHI) reported that its net loss attributable to the company for the second quarter was $188 million or $0.43 per share, compared to net income of $353 million or $0.80 per share in the same quarter last year.

Results for the quarter were impacted by an unfavorable tax rate which resulted primarily from a change in the geographic mix of earnings.

Adjusted net loss for the second quarter of 2015 was $62 million or $0.14 per share, compared to net income of $404 million or $0.92 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter fell to $3.968 billion from $5.935 billion in the prior year. Wall Street expected revenues of $3.78 billion.

Revenue of $4 billion for the second quarter declined 33% year-over-year, outperforming the 36% drop in the global rig count, despite incremental headwinds from deteriorating pricing and unfavorable currency changes.

For the remainder of the year, the company expects unfavorable market conditions to continue across all segments. North America rig counts are anticipated to remain relatively unchanged. Seasonal increase in activity in Canada is expected to be fully offset by lower activity levels in the U.S. onshore and an unfavorable mix of activity in the Gulf of Mexico.

In Latin America, it projects the rig count to continue to decline, albeit, at a slower pace. In Europe/Africa/RussiaCaspian, the rig count is also expected to decline across most of the region, primarily in onshore and shallow water markets. For Middle East/Asia Pacific, it anticipates the rig count to remain relatively stable as any rig count growth in the Middle East will likely to be offset by rig count declines in Asia Pacific.