Baker Hughes Drops As Q1 Results Fall Shy Of Estimates

Shares of Baker Hughes Company (BKR) are falling more than 10% Wednesday morning after the energy technology company reported first quarter results, that came in below analysts’ view.

The company posted net income of $72 million or $0.08 per share compared with net loss of $452 million or $0.61 per share in the year-earlier period.

Excluding one-time items earnings were $0.15 per share, that missed the average estimate of analysts polled by Thomson Reuters of $0.19 per share.

Revenue for the quarter increased to $4.835 billion from $4.782 billion a year ago. The consensus estimate was for $5.02 billion.

BKR is at $33.09 currently. It has traded in the range of $18.75-$39.78 in the past 52 weeks.

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