BHGE Adjusted Profit More Than Doubles

Wednesday, July 31, 2019

Baker Hughes, General Electric Co's oilfield services arm, reported a better-than-expected quarterly profit on Wednesday, helped by higher activity in LNG markets and rise in international demand for oilfield services.

Revenue from the company's oilfield services segment, which constitutes a majority of its operations, rose 14% to $3.26 billion in the second quarter.

Orders in its turbomachinery and process solutions business, which includes supply of equipment for LNG projects, rose 32%.

"We remain well positioned across multiple market segments, most importantly LNG, as more projects move towards positive FID (final investment decision) this year", Chief Executive Officer Lorenzo Simonelli said in a statement.

The company's adjusted net income rose to $104 million, or 20 cents per share, in the second quarter ended June 30, from $41 million, or 10 cents per share, a year earlier.

Analysts on average had expected a profit of 19 cents per share, according to IBES data from Refinitiv.

Total revenue rose to $5.99 billion from $5.55 billion.

(Reporting by Nishara Karuvalli Pathikkal; Editing by Maju Samuel)

Categories: Equipment Technology Finance Subsea Industry News Hardware

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