Baker Hughes introduced second quarter 2021 outcomes:
• Orders of $5.1 billion for the quarter, up 12% sequentially and up four% year-over-year.
• Revenue of $5.1 billion for the quarter, up eight% sequentially and up 9% year-over-year.
• GAAP working revenue of $194 million for the quarter, up 18% sequentially and favorable year-over-year.
• Adjusted working revenue (a non-GAAP measure) of $333 million for the quarter was up 23% sequentially and favorable year-over-year.
• Adjusted EBITDA* (a non-GAAP measure) of $611 million for the quarter was up 9% sequentially and up 38% year-over-year.
• GAAP loss per share of $(zero.08) for the quarter which included $zero.18 per share of adjusting objects. Adjusted earnings per share (a non-GAAP measure) was $zero.10.
• Cash flows generated from working actions had been $506 million for the quarter. Free money move (a non-GAAP measure) for the quarter was $385 million.
“We are happy with our second quarter outcomes as we continued to generate important free money move, execute on our technique, and lead within the vitality transition. During the quarter, TPS and OFE delivered stable orders and working revenue whereas OFS continued to enhance margins. We continued to take a position and collaborate in strategic areas for brand spanking new vitality frontiers, advancing our partnerships in hydrogen, carbon seize, utilization and storage, and clear built-in energy. I wish to thank our staff and companions for his or her continued exhausting work and dedication to security,” stated Lorenzo Simonelli, Baker Hughes chairman and chief govt officer.
“As we sit up for the second half of 2021, we see continued indicators of worldwide financial restoration that ought to drive additional demand development for oil and pure gasoline. Although we acknowledge the dangers introduced by the variant strains of the COVID-19 virus, we count on spending and exercise ranges to achieve momentum by way of the 12 months because the macro surroundings improves, probably organising the business for stronger development in 2022.
“We stay centered on executing our technique because the macro financial system improves and our prospects proceed on their journey to a net-zero future. We sit up for supporting our prospects, advancing our strategic priorities, and delivering for our shareholders,” concluded Simonelli.
(Source and picture: Baker Hughes)

The submit BAKER HUGHES REDUCES NET LOSS WITH ORDERS AND REVENUE INCREASE appeared first on Energy Global News.

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