Baker Hughes Reports Q1 Loss
Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items.
Baker Hughes said it would cut 10,500 jobs, or 17 percent of its global workforce, up from 7,000 it said it would cut earlier. The company also said it had closed and consolidated about 140 facilities worldwide, besides idling and writing off excess assets and inventory.
The company reported a net loss attributable it of $589 million, or $1.35 per share, in the first quarter ended March 31, compared with a profit of $328 million, or 74 cents per share, a year earlier.
Revenue fell 19.8 pct to $4.59 billion.
Reporting by Shubhankar Chakravorty