RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-11-01 13:15:00

BAKER HUGHES NET INCOME $57 MLN

BAKER HUGHES NET INCOME $57 MLN

BAKER HUGHES - Oct. 30, 2019 - Baker Hughes Company Announces Third Quarter 2019 Results

  • Orders of $7.8 billion for the quarter, up 19% sequentially and up 35% year-over-year
  • Revenue of $5.9 billion for the quarter, down 2% sequentially and up 4% year-over-year
  • GAAP operating income of $297 million for the quarter, increased 10% sequentially and increased 5% year-over-year
  • Adjusted operating income (a non-GAAP measure) of $422 million for the quarter, up 17% sequentially and up 12% year-over-year*
  • GAAP diluted earnings per share of $0.11 for the quarter which included $0.10 per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) were $0.21*
  • Cash flows generated from operating activities were $360 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $161 million*
    *The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1a, 1b and 1c for a reconciliation of GAAP to non-GAAP financial measures.

 

 

Three Months Ended

Variance

(in $ millions except per share amounts)

September 30,
2019

June 30,
2019

September 30,
2018

Sequential

Year-over-year

Orders

7,783

6,554

5,746

19%

35%

Revenue

5,882

5,994

5,665

(2)%

4%

Operating income

297

271

282

10%

5%

Adjusted operating income (non-GAAP)*

422

361

377

17%

12%

Net income (loss) attributable to Baker Hughes

57

(9)

13

F

F

Adjusted net income (non-GAAP) attributable to Baker Hughes*

114

104

78

10%

46%

EPS attributable to Class A shareholders

0.11

(0.02)

0.03

F

F

Adjusted EPS (non-GAAP) attributable to Class A shareholders*

0.21

0.20

0.19

5

11%

Cash flow from operating activities

360

593

239

(39)%

51%

Free cash flow (non-GAAP)*

161

355

146

(55)%

11%

 

*These are non-GAAP financial measures. See section entitled "Charges and Credits" for a reconciliation from GAAP.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%.

 

“We delivered a solid third quarter with strong growth in Turbomachinery and Oilfield Equipment orders, and continued margin improvement in our Oilfield Services business. Overall, we are very pleased with our execution as a team, and we believe Baker Hughes is firmly on the right path financially, operationally, and strategically,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“In the third quarter, we booked $7.8 billion in orders, driven by year-over-year growth in three of our four segments. We delivered $5.9 billion in revenue and adjusted operating income in the quarter was $422 million.

“In Oilfield Services (OFS), we continue to execute as the team drives operational improvements and wins commercially. Moving forward, we are increasingly focused on driving the next stage of margin improvement.

“In Oilfield Equipment (OFE), we are leveraging our Subsea Connect approach to secure important wins in the North Sea and Australia. Overall, we remain constructive on the opportunity for order growth in the OFE segment in 2019.

“In Turbomachinery & Process Solutions (TPS), order growth remains solid compared to 2018 driven by strength in LNG activity and resilient order activity in our non-LNG businesses. We have seen approximately 80 Million Tons Per Annum (MTPA) of new capacity reach Final Investment Decision (FID) since the fourth quarter of 2018, and the industry is on track to reach the 100 MTPA we outlined by the end of 2019. As we look to the remainder of the year and into 2020, we believe we are well positioned for several large LNG projects still to come.

“In Digital Solutions (DS), the broad, diversified nature of our portfolio and growth in oil and gas and other end markets has helped to partially offset weakness in the Power market. On the commercial side, only weeks after forming the BHC3 joint venture, the team launched its first artificial intelligence software application, BHC3 Reliability. We are extremely excited about this partnership, and the potential it brings to our industry.

“Overall, we executed well in the third quarter, and we believe that Baker Hughes is well positioned to navigate a potentially choppy macro backdrop with a good combination of long-cycle businesses in TPS and OFE, more stable end markets within Digital Solutions, and a differentiated OFS portfolio,” concluded Simonelli.

 

Full PDF version

-----

Tags: BAKER, HUGHES,
Chronicle:
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:39:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:38:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:37:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:36:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:35:00
RENEWABLE ELECTRICITY FOR INDIA 8 GW
Power Grid Corporation of India Ltd (PGCIL), through its subsidiary Central Transmission Utility of India (CTU), had earlier filed a petition to execute power transmission infrastructures for up to 18.5 GW of renewables energy zones in southern India
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:30:00
DUTCH RENEWABLES 5.2 GW
The proposals include 5,170 MW of renewable projects, of which 4,132 MW are solar PV projects, 243 MW geothermal projects and 151 MW biomass projects.
BAKER HUGHES NET INCOME $57 MLN
2021, December, 7, 17:25:00
WIND FOR SWEDEN
Sweden has currently around 200 MW of operational offshore wind capacity, on top of 9.8 GW of onshore wind capacity
All Publications »