Baker Hughes Records Loss of $163.9 Million
Baker Hughes Inc., the oilfield services company created in the merger of Baker International and Hughes Tool, reported a $163.9-million loss for its second quarter.
Baker blamed costs arising from the merger for the loss. Revenue for the three months ended March 31 were $516.9 million.
For the six-month period, the company said it had a loss of $171.6 million on revenue of $1.03 billion.
The Houston-based company said its second-quarter results included charges of $140 million from the merger, effective April 3. Of that, $48 million was associated with the disposition of Reed Tool Co. and Bakerlift Systems.
The company said it would report on the basis of a fiscal year ending Sept. 30.
It said a pension reversal gain of $21 million in the quarter and $76.8 million in the six months partially offset the loss.
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