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Baker Hughes Q2 profit falls YOY

Baker Hughes said its second-quarter normalized net income was $120.3 million, a decrease of 23.7% from $157.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 4.0% from 4.7% in the year-earlier period.

Total revenue decreased 9.4% year over year to $3.01 billion from $3.32 billion, and total operating expenses declined year over year to $2.85 billion from $2.99 billion.

Reported net income came to a loss of $125.0 million, or a loss of 29 cents per share, compared with a loss of $141.0 million in the prior-year period.