SHARE
Baker Hughes warned shareholders of an $80 million drop to its adjusted earnings for the fourth quarter.
The company said the decrease was primarily caused by its force majeure in Iraq

 when protesters stormed their offices.

“Due to the lost revenue related to this event, expenses associated with personnel movements and security measures, and other nonrecurring items, the pre-tax and after-tax profit impact from the disruption in Iraq during the fourth quarter is approximately $80 million, or $0.18 per share,” the company said in a statement.

Baker Hughes also said they would see profits fall this quarter due to weather delays in the US and the UK North Sea.

In the third quarter, Baker Hughes reported adjusted net income of $358 million.

Baker Hughes  fourth quarter results will be announced on 21 January.