Baker Hughes shares slip as earnings hit by restructuring charges

22 Tháng Bảy 2021
Baker Hughes shares slip as earnings hit by restructuring charges © Reuters. FILE PHOTO: The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERS

By Liz Hampton and Arunima Kumar

(Reuters) -Shares of energy services firm Baker Hughes slipped on Wednesday after reporting second quarter results that fell short of Wall Street estimates as it shifts its business to technology and services that help customers transition to a lower carbon world.

Baker Hughes Co swung to a profit from a loss a year-ago, but was down 9% from the prior quarter and missed analysts forecasts. Earnings were hurt by $125 million in impairment and restructuring charges.

Shares slipped 1% to $19.86. Brent crude futures were up about 2% on Wednesday to $70.77 per barrel. [O/R]

While oil demand has rebounded from the pandemic lows seen last year, spending on oilfield services has only inched higher as energy companies hold spending and production flat.

The recovery in oil demand may face a threat from new strains of COVID-19, but spending and activity should gain momentum through the year as the business environment improves, Chief Executive Officer Lorenzo Simonelli said in a statement.

Baker Hughes is rebranding itself as an energy transition company, focusing on technology and shedding some traditional oilfield businesses. Revenue at its oilfield services unit was down about 2% year-over-year, while oilfield equipment revenue dipped 8% over that period.

In oilfield services, Simonelli projected high single-digit to low double-digit percentage growth in international markets in the second half of the year and modest growth in North American markets. He anticipates companies will add around 50 rigs in North America through the end of the year, with private companies picking up activity at current price levels.

Adjusted net income attributable to the company was $83 million, or 10 cents per share, in the quarter ended June 30, compared with $91 million, or 12 cents per share, in the first quarter. Wall Street analysts had anticipated earnings of 16 cents per share, according to Refinitiv IBES.

Revenue of $5.142 billion for the quarter topped forecasts of $4.948 billion, according to Refinitiv.

Overall, Wall Street analysts said the results were neutral to positive, pointing to stronger profit margins and free cash flow.

Investment firm Tudor Pickering Holt & Co called the report "solid" and lauded Baker's continued focus on technological innovation and the energy transition.

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28-07-2021 14:13:54 (UTC+7)

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 USD/CAD1.2579↑ Sell
 EUR/JPY129.72Sell
 EUR/CHF1.0807↑ Sell
 Gold1,804.40Neutral
 Silver24.858↑ Buy
 Copper4.5470↑ Sell
 Crude Oil WTI72.09↑ Buy
 Brent Oil73.89Neutral
 Natural Gas3.883↑ Sell
 US Coffee C204.93↑ Buy
 Euro Stoxx 504,070.48Neutral
 S&P 5004,401.46↑ Buy
 DAX15,536.90Neutral
 FTSE 1006,996.05↑ Buy
 Hang Seng25,365.00Sell
 Small Cap 20002,189.73↑ Buy
 IBEX 358,714.00↑ Buy
 BASF66.985↑ Sell
 Bayer50.34Neutral
 Allianz210.83↑ Buy
 Adidas308.75↑ Buy
 Lufthansa9.937↑ Buy
 Siemens AG132.37↑ Sell
 Deutsche Bank AG11.089↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,715
(0/ 0) # 691
SJC HCM5,650/ 5,720
(-10/ -10) # 695
SJC Hanoi5,650/ 5,722
(-10/ -10) # 697
SJC Danang5,650/ 5,722
(-10/ -10) # 697
SJC Nhatrang5,650/ 5,722
(-10/ -10) # 697
SJC Cantho5,650/ 5,722
(-10/ -10) # 697
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