On Wednesday, Shares of Baker Hughes Incorporated (NYSE:BHI), lost -3.89% to $58.28.
Baker Hughes Incorporated, declared results for the second quarter of 2015.
2015 Second Quarter Results
- Revenue for the current quarter was $4 billion, down 33% contrast to the second quarter of 2014.
- On a GAAP basis, net loss attributable to Baker Hughes for the second quarter was $188 million or $0.43 per diluted share.
- The effective tax rate on net loss for the current quarter was 3.7%, contrast to 37.2% on net income for the second quarter of 2014. The decrease is driven by an unfavorable change in the geographic mix of earnings and the loss of certain tax benefits.
- Adjusted EBITDA (a non-GAAP measure) for the second quarter of 2015 was $459 million, a decrease of $700 million or 60% contrast to the second quarter of 2014.
- Adjusted net loss (a non-GAAP measure) for the second quarter of 2015 was $62 million or $0.14 per diluted share. Adjusted net loss for the second quarter excludes $169 million before-tax or $126 million after-tax ($0.29 per diluted share) in adjustments. The adjustments comprise restructuring charges of $76 million before-tax or $59 million after-tax ($0.13 per diluted share); $83 million before-tax or $60 million after-tax ($0.14 per diluted share) for merger and other related costs; $23 million before-tax or $16 million after-tax ($0.04 per diluted share) for inventory adjustments; and ($13) million before-tax or ($9) million after-tax (($0.02) per diluted share) adjustment regardinga litigation settlement.
- Free cash flow for the current quarter was $413 million contrast to $72 million for the second quarter of 2014. Free cash flow not taking into account restructuring payments of $195 million would have been $608 million for the quarter.
Baker Hughes Incorporated supplies oilfield services, products, technology, and systems to the oil and natural gas industry worldwide. The company offers drilling and evaluation products and services, which comprise drill bits for performance drilling, hole enlargement, and coring; conventional and rotary steerable systems used to drill wells; measurement-while-drilling and logging-while-drilling systems to perform reservoir navigation services; drilling optimization services; tools for coil tubing drilling and wellbore re-entry systems; coring drilling systems; surface logging; emulsion and water-based drilling fluids systems; reservoir drill-in fluids; and fluids environmental services.
Shares of The Gap, Inc. (NYSE:GPS), declined -2.11% to $36.15, during its last trading session.
The Gap, the iconic apparel brand, is announcing a partnership with Virgin Hotels, the lifestyle hotel brand founded by entrepreneur Richard Branson, that will provide guests the option to have the latest Gap styles delivered straight to their hotel room. By leveraging Gap’s Reserve in Store technology, guests of Virgin Hotels Chicago can shop on gap.com to reserve the styles they want and within a few hours try and purchase the items they reserved - all within the privacy of their Chamber.
Gap’s Reserve in Store program makes it easy for customers to shop online, place their favorite styles on hold and pick them up in their local store. Here’s how it works: customers select their item online and click “Find It Now” to see options from nearby Gap stores. From there, they can reserve their size and color by clicking “Reserve in Store” and, within an hour, get an email (or a text, if they choose) confirming the item has been placed on hold at the store they’ve selected – along with easy pick up instructions. Through the Virgin Hotels partnership, the process takes on a new twist. Guests access gap.com via Lucy, the hotel’s mobile app or by visiting virginhotels.com, and then selecting the styles through the Reserve in Store button, and the hotel takes it from there. Guests never have to leave their room, instead finding the items they reserved already tucked away in their closet.
The Gap, Inc. operates as an apparel retail company worldwide. It offers apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brand names.
Finally, Allergan plc (NYSE:AGN), ended its last trade with -0.52% loss, and closed at $315.35.
Allergan, confirmed that the Company has received a notice letter dated July 10, 2015 from Akorn Pharmaceuticals stating that the U.S. Food and Drug Administration has received Akorn’s Abbreviated New Drug Application (ANDA) containing a “Paragraph IV” patent certification seeking approval to market a generic version of Allergan’s Restasis® (cyclosporine ophthalmic emulsion) 0.05% product. In addition, Allergan has received communication suggesting that additional ANDAs for generic versions of Restasis® may have been received by the FDA.
The Notice Letter received from Akorn states that the “Paragraph IV” patent certification was made with respect to certain U.S. patents covering the formulation and method of use of the Restasis® product, which are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Allergan has five Orange Book-listed patents covering Restasis® that are planned to expire in August 2024.
Allergan is highly confident in its intellectual property rights regarding Restasis® and intends to vigorously enforce such rights in all applicable venues.
Allergan plc develops, manufactures, and distributes generic, branded, biosimilar, and over-the-counter (OTC) pharmaceutical products. It operates in three segments: North American Brands, North American Generics and International, and Anda Distribution.
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