Baker Hughes (BKR) Beats Q2 Earnings and Revenue Estimates

Core Insights - Baker Hughes reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.49 per share, and showing an increase from $0.39 per share a year ago [3] - The company generated revenues of $7.14 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.77%, and up from $6.32 billion in the same quarter last year [7] - Baker Hughes has outperformed consensus EPS estimates four times over the last four quarters [1] Company Performance - Baker Hughes shares have increased approximately 2.1% since the beginning of the year, while the S&P 500 has gained 13.8% [4] - The current Zacks Rank for Baker Hughes is 3 (Hold), indicating expected performance in line with the market in the near future [5] - The company has topped consensus revenue estimates three times over the last four quarters [7] Industry Context - The Oil and Gas - Field Services industry, to which Baker Hughes belongs, is currently ranked in the bottom 14% of over 250 Zacks industries [9] - Drilling Tools International Corp. is expected to report revenues of $42.72 million, reflecting a 12.7% increase from the previous year [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.55, with projected revenues of $7.04 billion, and for the current fiscal year, the estimate is $2.09 on revenues of $27.58 billion [15] - The sustainability of Baker Hughes' stock price movement will largely depend on management's commentary during the earnings call [10]