Baker Hughes Company introduced outcomes for the third quarter of 2020.
• Orders of $5.1 billion for the quarter, up four% sequentially and down 34% year-over-year
• Revenue of $5.zero billion for the quarter, up 7% sequentially and down 14% year-over-year
• GAAP working lack of $49 million for the quarter, up 6% sequentially and unfavorable year-over-year.
• Adjusted working earnings (a non-GAAP measure) of $234 million for the quarter was favorable sequentially and down 45% year-over-year.
• GAAP loss per share of $(zero.25) for the quarter which included $zero.29 per share of adjusting objects. Adjusted earnings per share (a non-GAAP measure) was $zero.04.
• Cash flows generated from working actions had been $219 million for the quarter. Free money stream (a non-GAAP measure) for the quarter was $52 million.
“Despite continued uncertainty in world oil and gasoline markets and the continued impression of the COVID-19 pandemic, we produced strong leads to the third quarter of 2020. I’m happy with the continued execution on cost-out from our Oilfield Services (OFS) and Oilfield Equipment (OFE) groups, the business success and efficiency from Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS), and our continued free money stream technology in the course of the quarter. I’m pleased with our workers and their continued dedication to delivering for our clients and shareholders,” stated Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“After important turmoil in the course of the first half of the yr, oil markets have considerably stabilized. However, demand restoration is starting to stage off and important extra capability stays, which may create volatility sooner or later. The outlook for pure gasoline is barely extra optimistic as ahead costs have improved with sturdy demand in Asia and decrease anticipated future gasoline manufacturing within the U.S.
“Despite the unsure macro surroundings, we’re executing on the framework we laid out earlier this yr. We are on observe to hit our targets of right-sizing the enterprise, producing free money stream, and reaching $700 million in annualized price financial savings by yr finish.
“As we transfer ahead, we’re intensely targeted on bettering the margin and return profile of Baker Hughes regardless of the near-term macro volatility, whereas on the identical time executing on our long-term technique to evolve our portfolio together with the vitality panorama. Baker Hughes stays dedicated to main the vitality transition and changing into a key enabler to decarbonizing oil and gasoline and different industries,” concluded Simonelli.
(Source and picture: Baker Hughes)
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