Baker Hughes Profit Misses Estimates, Shares Down in Pre-Market Trading

Baker Hughes reported adjusted net income of $141 million, or 16 cents per share, for the third quarter, missing forecasts for earnings of 21 cents per share, according to Refinitiv IBES data.

Liz Hampton and Arunima Kumar, Reuters

Oilfield firm Baker Hughes Co. reported a quarterly profit that fell short of Wall Street expectations on Oct. 20, sending its shares down sharply in pre-market trading.

Oil producers and service firms are expected to be supported by a rebound in oil prices to pre-pandemic levels as demand recovers and OPEC, Russia and their allies stick to their output increase schedule instead of accelerating production.

Crude prices climbed 4.5% in the quarter ended Sept. 30 and are currently trading just above $84 a barrel.

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