Baker Hughes records increase in quarterly revenues

Oilfield services provider Baker Hughes, a GE company, posted an increase in its quarterly revenues as well as growth in orders year-over-year.

Before diving into the company’s financial performance for 1Q 2018, it is worth reminding that Baker Hughes completed its merger with GE’s Oil & Gas division in July 2017. Therefore, the performance comparison with the first quarter of 2017 is made on a combined business basis.

According to the company’s report released on Friday, its revenues for the first quarter 2018 totaled $5.4 billion, which is down 7% sequentially and up 1% year-over-year on a combined business basis. Namely, revenues in 1Q 2017 totaled $5.3 billion.

During the first quarter of 2018, Baker Hughes’ GAAP operating loss was $41 million, a decrease of 63% sequentially and an unfavorable increase year-over-year on a combined business basis.

The company’s adjusted operating income (a non-GAAP measure) was $228 million for the quarter, down 20% sequentially and down 19% year-over-year on a combined business basis.

Net income attributable to Baker Hughes in 1Q 2018 was $70 million compared to $31 million at the end of 4Q 2017. However, the company did not provide earnings for the combined business in the same quarter of 2017.

Orders for the quarter were $5.2 billion, down 8% sequentially and up 9% year-over-year. This sequential decrease was mainly driven by typical seasonality, with equipment orders down 14% and service orders down 4%. The 9% year-over-year growth was driven by both strong equipment and services orders across all product companies. Year-over-year equipment orders were up 9% and service orders were up 8%.

Backlog in the first quarter ended at $22.2 billion, an increase of $1.2 billion or 6% from the fourth quarter of 2017. The increase was primarily driven by the impact from adopting the new revenue recognition accounting standard.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Beijing International Offshore Oil & Gas Exhibition (ciooe) 2019

Beijing International Offshore Oil & Gas Exhibition (ciooe), is a regular gathering in oil & gas industry…

read more >

Lebanon International Oil & Gas Summit 2019

LIOG 2019 will delve further into the opportunities that are present in Lebanon’s energy sector…

read more >

Atyrau Oil & Gas 2019

The event program is dedicated to the most topical issues of search, exploration, development of hydrocarbons…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply