Baker Hughes Announces Fourth Quarter and Annual Results
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Baker Hughes (BHI) Misses Q4 EPS by 19c
January 26, 2017 6:33 AM ESTBaker Hughes (NYSE: BHI) reported Q4 EPS of ($0.30), $0.19 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.37 billion.
"During 2016, against the back-drop of another difficult year for the industry, we achieved significant progress on our commitment to improve financial performance by reducing operational costs, optimizing our capital structure, and strengthening our commercial strategy, said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer.
In the second half of 2016, we reduced annualized costs by nearly $700 million, exceeding our initial goal by almost 40%, paid down $1... More
