Baker Hughes reports 3Q loss
HOUSTON (AP) — Baker Hughes a GE company (BHGE) on Friday reported a loss of $104 million in its third quarter.
On a per-share basis, the Houston-based company said it had a loss of 24 cents. Earnings, adjusted for non-recurring costs, came to 5 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The oilfield services company posted revenue of $5.38 billion in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $5.5 billion.
Baker Hughes a GE company shares fell $1.33, or 4 percent, to $31.76 in morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BHGE at https://www.zacks.com/ap/BHGE
This story has been corrected to delete reference to the company’s historical stock data. Shares of Baker Hughes a GE company began trading on July 5.