Baker Hughes, a GE company (BHGE) - Get Report , reported its pre-merger, second-quarter financial results on Thursday morning, saying that on an adjusted basis it lost 11 cents a share, in line with analyst estimates.
The loss, totaling $46 million, excludes adjustments totaling $133 million after tax, or 31 cents a share, mostly for litigation and other related matters and merger costs associated with the Baker Hughes-General Electric Co. merger completed during the quarter.
In 2017's first quarter the company lost $15 million, or 4 cents a share.
The company said that on a GAAP basis, it lost net loss $179 million, or 42 cents a share, compared to $129 million, or 30 cents a share in the first quarter of 2017.
Revenue for the second quarter of 2017 was $2.4 billion, an increase of $142 million, or 6%, sequentially.
"The increase was driven by improved activity across U.S. operations, a seasonal activity uplift in the Russia Caspian region, process and pipeline business, and North Sea operations, and certain areas of activity growth internationally, such as Mexico, West Africa, and Iraq. This increase was partially offset by the seasonal spring break-up in Canada, price deterioration in the Middle East, and a large direct sale into China in the prior quarter, not repeating," the firm said in a press release.
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