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2019-08-01 11:40:00

BAKER HUGHES A GE NET LOSS $9 MLN

BAKER HUGHES A GE NET LOSS $9 MLN

BHGEBAKER HUGHES, A GE COMPANY ANNOUNCES SECOND QUARTER 2019 RESULTS

Orders of $6.6 billion for the quarter, up 15% sequentially and up 9% year-over-year

Revenue of $6.0 billion for the quarter, up 7% sequentially and up 8% year-over-year

GAAP operating income of $271 million for the quarter, increased 54% sequentially and increased more than three times year-over-year

Adjusted operating income (a non-GAAP measure) of $361 million for the quarter, up 32% sequentially and up 25% year-over-year*

GAAP diluted earnings per share of $(0.02) for the quarter which included $0.22 per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) were $0.20*

Cash flows generated from operating activities were $593 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $355 million*

 

Three Months Ended

Variance

(in $ millions except per share amounts)

June 30,
2019

March 31,
2019

June 30,
2018

Sequential

Year-over-
year

Orders

6,554

5,693

6,036

15%

9%

Revenue

5,994

5,615

5,548

7%

8%

Operating income

271

176

78

54%

F

Adjusted operating income (non-GAAP)*

361

273

289

32%

25%

Net income (loss) attributable to BHGE

(9)

32

(19)

U

52%

Adjusted net income (non-GAAP) attributable to BHGE*

104

76

41

37%

F

EPS attributable to Class A shareholders

(0.02)

0.06

(0.05)

U

62%

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

0.20

0.15

0.10

37%

F

Cash flow from operating activities

593

(184)

139

F

F

Free cash flow (non-GAAP)*

355

(419)

(22)

F

F

*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 second quarter 2019 both commercially and operationally. The trends for our longer-cycle businesses remain intact. The Liquefied Natural Gas (LNG) new-build cycle is a strong positive for our company and our international Oilfield Services (OFS) business continues to be very successful. Our outlook for 2019 is unchanged and we remain focused on our priorities of gaining share, improving margins and delivering strong cash flows," said Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer.

"In the second quarter, we booked $6.6 billion in orders, driven by year-over-year growth in three of our four segments. We delivered $6.0 billion in revenue and adjusted operating income in the quarter was $361 million.

"In Oilfield Services (OFS), we executed on our strategy to grow in key international markets, while in North America our production-levered portfolio is driving growth amid uncertain market conditions. We executed well on previously-announced wins, helping our customers achieve step-changes in efficiency on some of their most important projects.

"In Oilfield Equipment (OFE), we continue to enhance our offerings through Subsea Connect, and we are focused on technology, lowering project costs and delivering for customers. Flexible Pipe System orders were up significantly in the quarter compared to the lows of 2018, a good sign for future revenue growth.

"In Turbomachinery & Process Solutions (TPS), the second quarter saw the acceleration of activity in the LNG market. We have seen approximately 60 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. Also in the quarter, we delivered strong orders in our on- and offshore production segment, securing important wins in India and Africa. We remain well positioned across multiple market segments, most importantly LNG, as more projects move towards positive FID this year.

"In Digital Solutions (DS), we achieved a major milestone in the quarter to strategically position our digital software business. We announced a joint venture with C3.ai, the premier company in the industrial Artificial Intelligence (AI) space. The partnership will help us deliver AI that is faster, easier, and more scalable to drive outcomes for our customers. By integrating our strong digital capabilities and oil and gas industry expertise with C3's unique AI solutions, we will accelerate the overall digital transformation of this industry.

"In closing, we executed well in the second quarter, and we are encouraged by strengthening international markets and the strong LNG project pipeline. Going forward, we remain focused on our financial priorities and differentiating ourselves to drive higher returns across our portfolio," concluded Simonelli.

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