Baker Hughes Cuts Losses In Second Quarter

Oilfield services provider, Baker Hughes, a GE company, managed to reduce its loss as its revenues increased in the second quarter of 2019.

BHGE on Wednesday posted revenue of $6 billion for the second quarter 2019, up 7% sequentially and up 8% year-over-year. The company’s revenues in 2Q 2018 were $5.55 billion.

The company’s GAAP operating income was $271 million for the quarter, which means it increased 54% sequentially and increased more than three times year-over-year.

Adjusted operating income (a non-GAAP measure) of $361 million for the quarter was up 32% sequentially and up 25% year-over-year.

Net loss attributable to BHGE was $9 million compared to a loss of $19 million in the prior-year quarter.

The company’s orders in the period, which totaled $6.6 billion, were up 15% sequentially and up 9% year-over-year.

Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer, said: “We delivered a solid second quarter 2019 both commercially and operationally. The trends for our longer-cycle businesses remain intact. The Liquefied Natural Gas (LNG) new-build cycle is a strong positive for our company and our international Oilfield Services (OFS) business continues to be very successful.”

He added: “Our outlook for 2019 is unchanged and we remain focused on our priorities of gaining share, improving margins and delivering strong cash flows.”