Baker Hughes (NYSE:BHI) 4Q16 earnings; Misses Street View

Baker Hughes (NYSE:BHI) 4Q16 earnings; Misses Street View

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Baker Hughes (NYSE:BHI) BHI: (%) revealed net loss for the fourth quarter of $ 417 million or $ 0.98 per share, compared to loss of $ 1031 million or $ 2.35 per share, in the year-ago period.

On adjusted net loss basis, Baker Hughes reported $ 126 million or 30 cents per share.

Revenue reached $ 2.41 billion, decreased 28.99% from $ 3.39 billion a year ago.

Analysts polled by Thomson Reuters had expected adjusted net loss of $ -0.11 a share on Revenue of $ 2.37 billion.

Martin Craighead, Baker Hughes Chairman and CEO, said, During 2016, against the back-drop of another difficult year for the industry, we achieved significant progress on our commitment to improve financial performance by reducing operational costs, optimizing our capital structure, and strengthening our commercial strategy.”