Baker Hughes third quarter 2019 revenus was $5.9 billion, down 2% sequentially and up four% year-over-year. Adjusted working revenue (a non-GAAP measure) of $422 million for the quarter, up 17% sequentially and up 12% year-over-year.
“We delivered a strong third quarter with sturdy development in Turbomachinery and Oilfield Equipment orders, and continued margin enchancment in our Oilfield Services enterprise. Overall, we’re more than happy with our execution as a staff, and we imagine Baker Hughes is firmly on the best path financially, operationally, and strategically,” mentioned Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer. “In the third quarter, we booked $7.eight billion in orders, pushed by year-over-year development in three of our 4 segments. We delivered $5.9 billion in income and adjusted working revenue within the quarter was $422 million.“In Oilfield Services (OFS), we proceed to execute because the staff drives operational enhancements and wins commercially. Moving ahead, we’re more and more centered on driving the following stage of margin enchancment. “In Oilfield Equipment (OFE), we’re leveraging our Subsea Connect method to safe essential wins within the North Sea and Australia. Overall, we stay constructive on the chance for order development within the OFE section in 2019. “In Turbomachinery & Process Solutions (TPS), order development stays strong in comparison with 2018 pushed by power in LNG exercise and resilient order exercise in our non-LNG companies. We have seen roughly 80 Million Tons Per Annum (MTPA) of latest capability attain Final Investment Decision (FID) for the reason that fourth quarter of 2018, and the business is on monitor to achieve the 100 MTPA we outlined by the tip of 2019. As we glance to the rest of the yr and into 2020, we imagine we’re nicely positioned for a number of massive LNG initiatives nonetheless to return.
“In Digital Solutions (DS), the broad, diversified nature of our portfolio and development in oil and gasoline and different finish markets has helped to partially offset weak spot within the Power market. On the industrial facet, solely weeks after forming the BHC3 three way partnership, the staff launched its first synthetic intelligence software program utility, BHC3 Reliability. We are extraordinarily enthusiastic about this partnership, and the potential it brings to our business. “Overall, we executed nicely within the third quarter, and we imagine that Baker Hughes is nicely positioned to navigate a doubtlessly uneven macro backdrop with a superb mixture of long-cycle companies in TPS and OFE, extra steady finish markets inside Digital Solutions, and a differentiated OFS portfolio,” concluded Simonelli.
(Source: Baker Hughes)
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