BAKER HUGHES NET INCOME $32 MLN
BHGE - Baker Hughes, a GE company Announces First Quarter 2019 Results
- Orders of $5.7 billion for the quarter, down 17% sequentially and up 9% year-over-year
- Revenue of $5.6 billion for the quarter, down 10% sequentially and up 4% year-over-year
- GAAP operating income of $176 million for the quarter, decreased $206 million sequentially and increased $217 million year-over-year
- Adjusted operating income (a non-GAAP measure) of $273 million for the quarter, down 45% sequentially and up 20% year-over-year*
- GAAP diluted earnings per share of $0.06 for the quarter which included $0.09 per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) were $0.15*
- Cash flows used from operating activities were $(184) million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $(419) million*
Baker Hughes, a GE company (NYSE: BHGE) ("BHGE" or the "Company") announced results today for the first quarter of 2019.
|Three Months Ended||Variance|
|(in $ millions except per share amounts)||
|Operating income (loss)||176||382||(41)||(54)%||F|
|Adjusted operating income (non-GAAP)*||273||498||228||(45)%||20%|
|Net income attributable to BHGE||32||131||70||(76)%||(55)%|
|Adjusted net income (non-GAAP) attributable to BHGE*||76||120||38||(37)%||99%|
|EPS attributable to Class A shareholders||0.06||0.28||0.17||(78)%||(63)%|
|Adjusted EPS (non-GAAP) attributable to Class A shareholders*||0.15||0.26||0.09||(43)%||63%|
|Cash flow from operating activities||(184)||1,090||294||U||U|
|Free cash flow (non-GAAP)*||(419)||876||226||U||U|
*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)%.
“BHGE delivered a solid first quarter against a backdrop of stabilizing global oil and gas markets. U.S. rig count dropped slightly less than expected, and international activity remained steady. The LNG market is very active. While the speed of the recovery varies across these markets, we see our Company positioned to benefit from multiple growth drivers,” said Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer.
“In the first quarter, we booked $5.7 billion in orders, driven by year-over-year growth in three of our four segments. We delivered $5.6 billion in revenue and adjusted operating income in the quarter was $273 million.
“In Oilfield Services (OFS), we saw typical seasonal declines in volume sequentially, and strong year-over-year growth across all product lines. In the quarter, we continued to execute in our core well construction product lines, and re-entered a number of markets globally by securing large, multi-year awards from customers. We remain focused on re-gaining profitable share in critical markets and improving margins.
“In Oilfield Equipment (OFE), we delivered another strong orders quarter, winning major contract awards across a number of subsea projects. Our new approach to subsea development, Subsea Connect, continues to gain traction with customers and was central in our wins with BP on their Tortue project and Beach Energy. We continue to leverage early customer engagement, modular technology and life-of-field planning to lower cost and improve cycle times.
“Our Turbomachinery & Process Solutions (TPS) segment saw continued activity in the LNG market, with further progress on several major projects. In the first quarter, we secured contract awards to provide turbomachinery equipment for the Golden Pass LNG export facility and BP’s Tortue Floating LNG project. We remain at the forefront of technology and solutions for the LNG market and are well positioned as new projects are sanctioned.
“In Digital Solutions (DS), we continue to drive growth with customers across end markets such as electronics, automotive, aviation and additive manufacturing. We are leveraging the strength of our measurement, sensing, and inspection technology portfolios to launch new products for our customers.
“In summary, we have a positive outlook across a number of end markets. Strengthening international markets will have the largest positive impact on our business, while operators in North America will continually re-evaluate their spending plans. The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market,” concluded Simonelli.
2019, April, 1, 10:40:00ADNOC, BAKER HUGHES PARTNERSHIP
ADNOC plans to grow its conventional drilling activity by 40% by 2025 and substantially ramp up the number of its unconventional wells, as it targets 4mn barrels of oil production capacity per day by the end of 2020 and 5mn by 2030
2018, November, 14, 11:35:00BHGE, GE MAXIMIZES VALUE
GE - Baker Hughes, a GE company and General Electric Company Announce a Series of Long-Term Agreements to Maximize Value for Both BHGE and GE
2018, October, 5, 12:05:00ONGC CONTRACT: $1.7 BLN
OGJ - State-owned Oil & Natural Gas Corp. has let a contract for combined subsea work on its KG-DWN-98/2 (“Cluster-2”) deepwater development off eastern India to a consortium of Baker Hughes, a GE company, McDermott International Inc., and L&T Hydrocarbon Engineering, a subsidiary of Larsen & Toubro.
2018, September, 5, 10:30:00BAKER HUGHES & SAUDI ARAMCO CONTRACT
PLATTS - Saudi Aramco has awarded Baker Hughes a major services contract to boost crude oil production from Saudi Arabia's offshore Marjan oil field.
2018, July, 23, 13:05:00BAKER HUGHES NET LOSS $19 MLN
BAKER HUGHES A GE - Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis. Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis. GAAP operating income of $78 million for the quarter, increased $119 million sequentially and increased $223 million year-over-year on a combined business basis.
2018, April, 23, 14:05:00BAKER HUGHES GE NET INCOME $70 MLN
BHGE - Baker Hughes, a GE company Announces First Quarter 2018 Results Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis GAAP operating loss of $41 million for the quarter, decreased 63% sequentially and increased unfavorably year-over-year on a combined business basis Adjusted operating income (a non-GAAP measure) of $228 million for the quarter, down 20% sequentially and down 19% year-over-year on a combined business basis
2017, October, 23, 11:05:00BAKER HUGHES NET LOSS $104 BLN
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.