Baker Hughes Co. reported Wednesday a first-quarter loss but an adjusted profit that beat expectations, while revenue fell just shy of forecasts as oilfield services and equipment revenue dropped 30%. The net loss narrowed to $452 million, or 61 cents a share, from $10.23 billion, or $15.66 a share, in the same period a year ago, which included asset impairment and restructuring charges. Excluding nonrecurring items, adjusted earnings per share rose to 12 cents from 11 cents, topping the FactSet consensus of 11 cents. Revenue fell 12% to $4.78 billion, just below the FactSet consensus of $4.80 billion. Oilfield services revenue dropped 30% to $2.20 billion to miss the FactSet consensus of $2.26 billion, and oilfield equipment revenue surprisingly declined 30% to $345 million compared with expectations for a rise to $658.7 million. Free cash flow improved to $498 million from $152 million. “”As we look ahead to the rest of 2021, we remain cautiously optimistic that the global economy and oil demand will recover from the impact of the global pandemic,” said Chief Executive Lorenzo Simonelli. “We expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.” The stock, which was still inactive in premarket trading, has lost 6.4% year to date, while the S&P 500 has gained 10.1%.
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