BHI: big miss.
HOUSTON (AP) _ Baker Hughes Inc. (BHI) on Tuesday reported a first-quarter loss of $589 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of $1.35. Earnings, adjusted for restructuring costs and non-recurring costs, were 23 cents per share.
The results did not meet Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.Baker Hughes will cut 10,500 jobs.
The number of job cuts announced Tuesday amount to 17% of the Houston-based company's workforce and is up from the 7,000 planned job cuts Baker Hughes announced in its fourth-quarter report. The company said it also closed or consolidated approximately 140 facilities worldwide.Arch Coal: misses by 4 cents.
Arch Coal, Inc. today reported a net loss of $113 million, or $0.53 per diluted share, in the first quarter of 2015 compared with a net loss of $124 million, or $0.59 per diluted share, in the first quarter of 2014. Revenues totaled $677 million for the three months ended March 31, 2015 and adjusted earnings before interest, taxes, depreciation, depletion and amortization ("adjusted EBITDA") was $82 million, a threefold increase as compared to the prior-year quarter.