Baker Hughes Q4 Profit Down, Misses Estimates; Orders Climb

RTTNews | 853 gün önce
Baker Hughes Q4 Profit Down, Misses Estimates; Orders Climb

(RTTNews) - Oilfield services provider Baker Hughes Co. reported Monday weak profit in its fourth quarter, below market estimates, despite higher revenues driven by strong volume in both segments. Orders climbed significantly, and the company said it maintains a positive outlook for the energy sector in fiscal 2023.

In pre-market activity on Nasdaq, Baker Hughes shares were gaining around 2 percent.

Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, "In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions. Despite recessionary pressures in some of the world's largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist."

The company said it will continue to focus on various initiatives and generate strong free cash flow and return 60 percent to 80 percent of this free cash flow to shareholders through a combination of dividends and opportunistic share buybacks.

In the fourth quarter, net income attributable to Baker Hughes fell 38 percent to $182 million from $294 million in last year's fourth quarter. Earnings per share were $0.18, down 44 percent from $0.33 a year ago.

Adjusted earnings were $381 million or $0.38 per share for the period, compared to prior year's $224 million or $0.25 per share.

On average, 19 analysts had expected the company to earn $0.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Sequentially, earnings improved from a loss of $17 million or $0.02 per share recorded in the third quarter.

Operating income for the fourth quarter of $663 million was up 15 percent year-over-year. Adjusted operating income of $692 million grew 21 percent from last year.

Adjusted EBITDA was $947 million for the quarter, up 12 percent year-over-year and up 25 percent sequentially.

The company's revenue for the quarter rose 7.7 percent to $5.91 billion from $5.49 billion last year, driven by higher volume in both segments. Analysts estimated revenues of $6.06 billion for the quarter.

Oilfield Services & Equipment revenues of $3.58 billion grew 12 percent from last year, and Industrial & Energy Technology revenues edged up 1 percent to $2.33 billion.

Orders for the quarter were $8.01 billion, up 20 percent from $6.66 billion last year.

Sequentially, revenue went up 10 percent and orders climbed 32 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Etiketler: BKR
read more
Euro Slips On Trump's Tariff Proposal

Euro Slips On Trump's Tariff Proposal

The euro fell against its major counterparts on Friday, as President Donald Trump proposed tariffs on imports from the European Union starting on June 1.
RTTNews | 1 gün önce
Swiss Market Ends Weak On Tariff Concerns

Swiss Market Ends Weak On Tariff Concerns

After opening on a positive note and staying above the flat line till about an hour past noon, the Switzerland market tumbled on Friday, hurt by U.S. President Donald Trump's threat that imports from the European Union will face 50% tariffs from June 1st.
RTTNews | 1 gün önce
European Stocks Closed Weak On Trump's Fresh Tariff Threat

European Stocks Closed Weak On Trump's Fresh Tariff Threat

European stocks closed on a weak note on Friday despite staging a fairly strong recovery past mid afternoon. After staying modestly higher till noon, the major European markets tumbled after U.S. President Donald Trump threatened to impose 50% tariffs on imports from the European Union from June 1st.
RTTNews | 1 gün önce
TSX Recovers After Early Setback; Materials Stocks Move Higher

TSX Recovers After Early Setback; Materials Stocks Move Higher

After a weak start and a subsequent drop to lower levels, the Canadian market recovered well and is down just marginally a little past noon on Friday. The early setback was due to U.S. President Donald Trump's threat that 50% tariffs will be imposed on imports from the European Union beginning June 1st.
RTTNews | 1 gün önce
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 2 gün önce
Germany Logs Stronger Growth On Tariff Threats

Germany Logs Stronger Growth On Tariff Threats

The German economy grew at a stronger-than-estimated pace in the first quarter as higher tariff threats by the U.S. administration led to the frontloading of orders for the country's goods, lifting exports and industrial production. Gross domestic product grew 0.4 percent, which was double the initial estimate of 0.2 percent, a detailed report from Destatis revealed on Friday.
RTTNews | 2 gün önce
Bay Street Likely To Open On Negative Note On Tariff Concerns

Bay Street Likely To Open On Negative Note On Tariff Concerns

Canadian shares look headed for a weak start Friday morning as tariff concerns resurfaced after U.S. President Donald Trump threatened 50% tariffs on EU goods from June 1. Weak oil prices could hurt energy stocks and add to market's downside.
RTTNews | 2 gün önce
FTSE Pares Early Gains, Up Marginally In Cautious Trade

FTSE Pares Early Gains, Up Marginally In Cautious Trade

U.K. stocks moved higher Friday morning, reacting to data showing a notable rise in retail sales, and survey showing strong consumer confidence. However, stocks pared gains subsequently in cautious trade and the market was up just marginally a little past noon.
RTTNews | 2 gün önce