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Baker Hughes CEO Lorenzo Simonelli. Source: Barron's
Baker Hughes (BKR) reports Q2 earnings July 22nd. Analysts expect revenue of $4.8 billion and EPS of $0. The revenue estimate implies a double-digit percentage decline sequentially. Investors should focus on the following key items.
North America Could Fall Hard
The North America land drilling market had previously buoyed Baker Hughes, Halliburton (HAL) and Schlumberger (SLB). However, E&P in the region has been facing headwinds for the past 18 months, and pricing power has waned. Schlumberger and Halliburton have engaged in cost