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2015-04-24 21:45:00

BAKER HUGHES Q1 2015 RESULTS

BAKER HUGHES Q1 2015 RESULTS

Revenue for the first quarter of 2015 was $4.6 billion, down 20% compared to the first quarter of 2014.

On a GAAP basis, net loss attributable to Baker Hughes for the first quarter was $589 million or $1.35 per diluted share.

Adjusted EBITDA (a non-GAAP measure) for the first quarter of 2015 was $458 million, a decrease of $589 millionor 56% compared to the first quarter of 2014.

Adjusted net loss (a non-GAAP measure) for the first quarter of 2015 was $32 million or $0.07 per diluted share. Adjusted net loss for the first quarter excludes $772 million before-tax or $557 million after-tax ($1.28 per diluted share) in adjustments. The adjustments include restructuring charges of $573 million before-tax or $415 millionafter-tax ($0.95 per diluted share) associated with severance charges, facility closures, asset impairments, and contract terminations; $171 million before-tax or $122 million after-tax ($0.28 per diluted share) for inventory adjustments; and $28 million before-tax or $20 million after-tax ($0.05 per diluted share) relating to merger-related costs.

Additional charges of $157 million before-tax, or $133 million after-tax ($0.30 per diluted share), were incurred in the first quarter, which includes $105 million relating to reserves for doubtful accounts and $52 million associated with inventory reserves. Although these charges were significant and largely market-driven, they were not categorized as adjustments, and therefore not excluded from adjusted net operating loss.

Free cash flow for the current quarter was $22 million, compared to ($36) million for the first quarter of 2014.

For the first quarter, capital expenditures were $315 million, compared to $439 million in the first quarter of 2014. Depreciation and amortization expense for the first quarter was $460 million, compared to $437 million in the prior year quarter.

Excluding merger-related costs of $28 million in the first quarter, corporate costs were $49 million, compared to$65 million in the first quarter of 2014. The reduction in corporate costs is primarily the result of recent cost reduction measures.

Consolidated Condensed Statements of Income (Loss)

 
 

Three Months Ended

 

March 31,

 

December 31,

(In millions, except per share amounts)

2015

 

2014

 

2014

Revenue

$

4,594

 

$

5,731

 

$

6,635

Costs and expenses:

         

Cost of revenue

4,342

 

4,720

 

5,174

Research and engineering

138

 

143

 

152

Marketing, general and administrative

315

 

316

 

294

Restructuring charges

573

 

 

Total costs and expenses

5,368

 

5,179

 

5,620

Operating (loss) income

(774)

 

552

 

1,015

Interest expense, net

(54)

 

(57)

 

(57)

(Loss) income before income taxes

(828)

 

495

 

958

Income taxes

235

 

(159)

 

(291)

Net (loss) income

(593)

 

336

 

667

Net loss (income) attributable to noncontrolling interests

4

 

(8)

 

(4)

Net (loss) income attributable to Baker Hughes

$

(589)

 

$

328

 

$

663

bakerhughes.com

 

Tags: BAKER, HUGHES, RESULTS
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