Baker Hughes profit halved in first quarter 2019

Oilfield services provider Baker Hughes, a GE company, saw less than half of the profit in the first quarter of the year compared to the profit in the same period last year as its orders grew by 9 percent. 

BHGE on Tuesday posted revenue of $5.6 billion for the first quarter 2019, down 10% sequentially and up 4% when compared to 1Q 2018 and revenues which totaled $5.4 billion.

The company’s 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 was down 45% sequentially and up 20% year-over-year.

Net income attributable to BHGE for the first quarter 2019 was $32 million, a 55% decrease when compared to the net income of $70 million in 1Q 2018.

BHGE recorded orders of $5.7 billion for the quarter, down 17% sequentially and up 9% year-over-year.

Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer, said: “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.”

He added: “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.”

Offshore Energy Today Staff

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