BHGE Narrows Quarterly Loss as Revenue Improves
- Business & Finance
Baker Hughes, a GE company, (BHGE) has reported loss of $9 million or 2 cents per diluted share on GAAP basis for the quarter ended June 30, 2019.
Adjusted diluted earnings per share were 20 cents per share.
The result compares with $19 million loss in Q2 2018, up 52%, but down sequentially from $32 million profit or 6 cents per share.
Revenue for the quarter was $6 billion, an increase of 7%, sequentially. Year-over-year revenue improved 8% from $5.5 billion.
Orders for the quarter were $6.5 billion, up 15% sequentially and up 9% year-over-year.
“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.