HOUSTON (AP) _ Baker Hughes Co. (BKR) on Wednesday reported a loss of $452 million in its first quarter.
The Houston-based company said it had a loss of 61 cents per share. Earnings, adjusted for one-time gains and costs, came to 12 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The oilfield services company posted revenue of $4.78 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $4.8 billion.
Baker Hughes shares have dropped slightly more than 6% since the beginning of the year. The stock has risen 50% in the last 12 months.