Baker Hughes reported a $49 million loss or 25 cents a share for the quarter, a 6% increase from the second quarter of 2020 and “unfavorable” from a year ago.
The Houston-based company, in releasing its earnings report on Wednesday saw some daylight in improvements, reporting that orders of $5.1 billion were up 4% from the previous quarter, but dramatically down 34% from a year ago.
The company’s revenue for the quarter was $5 billion which was 7% more than the second quarter and down 14% from the third quarter of 2019.
“Despite continued uncertainty in global oil and gas markets and the ongoing impact of the COVID-19 pandemic, we produced solid results in the third quarter of 2020,” stated Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
Simonelli said that he believes the company is executing on the framework laid out earlier in the year.
” We are on track to hit our goals of right-sizing the business, generating free cash flow, and achieving $700 million in annualized cost savings by year end,” he added.
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Source: Baker Hughes
