Baker Hughes Good Quarter, Bad Forecast (BHI, HAL, WFT, SLB)

Jobs

Published: January 28, 2009 9:12 am

Last Updated: April 27, 2020 5:16 pm

Money_stack_pic_4 That Baker Hughes Inc. (NYSE:BHI) this morning reported better-than-expected results for its fourth quarter shouldn’t really be a surprise. When Halliburton Company (NYSE:HAL) and Weatherford International Limited (NYSE:WFT) reported results, the market got its good-news surprise package for the week.

Still, Baker Hughes beat analysts’ expectations on EPS and revenue forboth the quarter and the full year. But now everyone is waiting to hearabout the future. And that’s where the bad news is.

The company’s chairman, president, and CEO said that "the outlook for2009 has continued to deteriorate." Rig counts in the US are off 25%from their peak, and the company’s customers continue to pull back onspending in an already over-supplied gas market.

Baker Hughes has already announced a layoff of about 1,500 employees,and in this it follows industry leader Schlumberger Limited (NYSE:SLB).The oilfield services industry is digging in until the overall economyturns around. No one knows when that will be, but in the oilfieldservices business, expectations seem to be that change will come laterrather than sooner.

Paul Ausick
January 28, 2009

The Average American Has No Idea How Much Money You Can Make Today (Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps