Business
Baker Hughes Company Announces Second Quarter 2020 Results
Orders of $4.9 billion for the quarter, down 12% sequentially and down 25% year-over-year Revenue of $4.7 billion for the quarter, down 13% sequentially and
About this update from Baker Hughes Company
[{"type":"text","content":"\n\nOrders of $4.9 billion for the quarter, down 12% sequentially and down 25% year-over-year\n\n\nRevenue of $4.7 billion for the quarter, down 13% sequentially and down 21% year-over-year\n\n\nGAAP operating loss of $52 million for the quarter was favorable sequentially and unfavorable year-over-year.\n\n\nAdjusted operating income (a non-GAAP measure) of $104 million for the quarter, down 56% sequentially and down 71% year-over-year\n\n\nGAAP loss per share of $(0.31) for the quarter which included $0.26 per share of adjusting items. Adjusted loss per share (a non-GAAP measure) was $(0.05).\n\n\nCash flows generated from operating activities were $230 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $63 million. \n\nThe Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1a, 1b and 1c in the section entitled \"Charges & Credits\" for a reconciliation of GAAP to non-GAAP financial measures. Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.\n\n\n LONDON & HOUSTON--(BUSINESS WIRE)--\nBaker Hughes Company (NYSE: BKR) (\"Baker Hughes\" or the \"Company\") announced results today for the second quarter of 2020.\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nVariance\n\n\n\n\n\n(in millions except per share amounts)\n\n\n\n\nJune 30,\n2020\n\n\n\nMarch 31,\n2020\n\n\n\nJune 30,\n2019\n\n\n\n \n\n\n\nSequential\n\n\n\nYear-\nover-year\n\n\n\n\n\nOrders\n\n\n\n\n$\n\n\n\n4,888\n\n\n\n \n\n\n\n$\n\n\n\n5,532\n\n\n\n \n\n\n\n$\n\n\n\n6,554\n\n\n\n \n\n\n\n \n\n\n\n(12)%\n\n\n\n(25)%\n\n\n\n\n\nRevenue\n\n\n\n\n4,736\n\n\n\n \n\n\n\n5,425\n\n\n\n \n\n\n\n5,994\n\n\n\n \n\n\n\n \n\n\n\n(13)%\n\n\n\n(21)%\n\n\n\n\n\nOperating income (loss)\n\n\n\n\n(52)\n\n\n\n \n\n\n\n(16,059)\n\n\n\n \n\n\n\n271\n\n\n\n \n\n\n\n \n\n\n\nF\n\n\n\nU\n\n\n\n\n\nAdjusted operating income (non-GAAP)\n\n\n\n\n104\n\n\n\n \n\n\n\n240\n\n\n\n \n\n\n\n361\n\n\n\n \n\n\n\n \n\n\n\n(56)%\n\n\n\n(71)%\n\n\n\n\n\nNet loss attributable to Baker Hughes\n\n\n\n\n(201)\n\n\n\n \n\n\n\n(10,210)\n\n\n\n \n\n\n\n(9)\n\n\n\n \n\n\n\n \n\n\n\n98%\n\n\n\nU\n\n\n\n\n\nAdjusted net income ...