Earnings Meet: World’s leading oilfield-services company Baker Hughes, a GE company reported second quarter adjusted income per share of 10 cents, missing the Zacks Consensus Estimate of 13 cents.

Estimate Revision Trend & Surprise History: The stock had seen the Zacks Consensus Estimate for second-quarter earnings being revised 7.1% downward over the last 30 days.

Before posting the earnings miss in Q2, Baker Hughes delivered an average negative earnings surprise of 42.49% for the last four quarters.

Revenues: Baker Hughes posted revenues of $5,548 million, marginally beating the Zacks Consensus Estimate of $5,547 million.

Key Stats: Operating income from the Oilfield Services segment was $189 million, significantly higher than the year-ago level of $26 million.

Baker Hughes’ Turbomachinery & Process Solutions unit profit fell from $122 million in the second quarter of 2017 to $113 million this year.

Zacks Rank: Currently, Baker Hughes carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this Baker Hughes earnings report later!

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