Baker Hughes reported a income of $6.9 billion for the 4th quarter of 2019, up eight% sequentially and 1% year-on-year. The order consumption of 6.9 billion was down 11% sequentially and up 1% year-on-year. The firm reported an adjusted working revenue of $431 million for the quarter, up 30% sequentially and up 10% year-on-year.
“We closed out a powerful yr of efficiency with strong ends in the fourth quarter, delivering sturdy money move, sturdy orders in Turbomachinery & Process Solutions (TPS) and Oilfield Equipment (OFE), and higher execution in Digital Solutions (DS). For the total yr 2019, we achieved quite a few key milestones, together with 20% year-over-year order progress in TPS, nearly 300 foundation factors of margin enchancment in TPS, 12% order progress in OFE, and free money move of $1.2 billion. In addition, we accelerated our separation efforts from GE, launched our new firm model, and positioned ourselves to compete extra successfully in a altering market. I can not thank our workers sufficient for his or her arduous work and dedication to attain our objectives all year long,” mentioned Lorenzo Simonelli, Baker Hughes Chairman, President and Chief Executive Officer.
“As we look forward to 2020, we see a macro atmosphere that’s slowly enhancing, in addition to a spread of alternatives to additional strengthen Baker Hughes on each a near-term and long-term foundation. In the near-term, we proceed to determine and execute on alternatives to enhance our day-to-day operations and money move effectivity. On a longer-term foundation, we see a number of engaging progress alternatives for our firm, and we stay centered on positioning Baker Hughes for the upcoming vitality transition and the digital transformation of the trade.
“Overall, I’m happy with our fourth quarter outcomes which closed out a strong 2019. As we stay up for 2020, we’re clearly centered on executing our technique and producing sturdy free money move, enhancing margins, and driving returns,” concluded Simonelli.
(Source: Baker Hughes)
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