Baker Hughes Company introduced outcomes for the fourth quarter and complete yr 2020.
• Orders of $5.2 billion for the quarter, up 2% sequentially and down 25% year-over-year.
• Revenue of $5.5 billion for the quarter, up 9% sequentially and down 13% year-over-year.
• GAAP working earnings of $182 million for the quarter, up $231 million sequentially and down 45% year-over-year.
• Adjusted working earnings (a non-GAAP measure) of $462 million for the quarter, up 98% sequentially and down 15% year-over-year.
“We are happy with our fourth quarter and full yr outcomes whereas navigating the impacts of the worldwide pandemic and trade downturn. Despite an extremely difficult yr for the trade in 2020, we generated over $500 million in free money circulation, booked $6.four billion in TPS orders, and executed on our substantial cost-out and restructuring program. We additionally took a number of essential steps to speed up our technique and put money into power transition applied sciences, serving to to place the corporate for the longer term. I can’t thank our staff sufficient for his or her exhausting work and dedication to attain our objectives and transfer the corporate ahead,” stated Lorenzo Simonelli, Baker Hughes chairman and chief government officer.
“As we sit up for 2021, we’re cautiously optimistic that the worldwide financial system and oil demand will start to get better from the impression of the worldwide pandemic. We consider this macro surroundings seemingly interprets right into a tepid funding surroundings for oil and fuel throughout the first half of 2021. However, we anticipate spending and exercise ranges to realize momentum by the yr because the macro surroundings improves, seemingly organising the trade for stronger progress in 2022.
“Baker Hughes is properly positioned to navigate the present market surroundings and positioned to steer the power transition. We stay targeted on executing for patrons, being disciplined on price, and delivering for our shareholders,” concluded Simonelli.
(Source: Baker Hughes)
The publish REVENUE UP 9% SEQUENTIALLY – BAKER HUGHES CAUTIOUSLY OPTIMISTIC FOR 2021 appeared first on Energy Global News.