Baker Hughes Improves Quarterly Profit

Baker Hughes has reported profit of $57 million or 11 cents per share on GAAP basis for the quarter ended September 30, 2019.

The result compares with $13 million profit in Q3 2018, and $9 million loss sequentially.

Adjusted net income (non-GAAP) attributable to Baker Hughes was $114 million, up 46% from same time last year. Adjusted diluted earnings per share were 21 cents per share.

Revenue for the quarter was $5.9 billion, an increase of 4% year-over-year, and decrease of 2% sequentially.

Orders for the quarter were $7.8 billion, up 19% sequentially and up 35% year-over-year.

“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 CEO.

Oilfield Equipment business unit generated $1 billion in orders, up 86% from the prior-year comparable period, and up 67% sequentially. Revenue for the quarter was at $728 million, up 15% from the corresponding period in 2018 and up 5% from Q2 2019.

“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,” Simonelli said.