Bulletin
Investor Alert

Market Pulse Archives

July 21, 2021, 7:17 a.m. EDT

Baker Hughes stock jumps after adjusted profit misses but revenue beats

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Baker Hughes Co. (BKR)
  • X
    Energy Select Sector SPDR ETF (XLE)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Baker Hughes Co. /zigman2/quotes/205323712/composite BKR +0.75% climbed 2.5% in premarket trading Wednesday, after the oil and natural gas company reported second-quarter adjusted profit that surprisingly declined but revenue that rose above expectations, and provided an upbeat demand growth outlook. Net loss for the quarter narrowed to $68 million, or 8 cents a share, from $195 million, or 30 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share slipped to 10 cents from 12 cents, while the FactSet consensus was for a rise to 16 cents. Revenue rose 8.6% to $5.14 billion, beating the FactSet consensus of $4.94 billion, oil field services, turbomachinery and process solutions and oilfield equipment revenues all topped expectations. "As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas," said Chief Executive Lorenzo Simonelli. "Although we recognize the risks presented by the variant strains of the COVID-19 virus, 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 has shed 3.9% year to date through Tuesday, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +0.75% has run up 25.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% has gained 15.1%.

/zigman2/quotes/205323712/composite
US : U.S.: NYSE
$ 24.22
+0.18 +0.75%
Volume: 6.94M
Sept. 24, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.97%
Market Cap
$25.25 billion
Rev. per Employee
$376,455
loading...
/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 50.90
+0.38 +0.75%
Volume: 27.75M
Sept. 24, 2021 4:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,455.48
+6.50 +0.15%
Volume: 1.69B
Sept. 24, 2021 5:05p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.