BHGE Adjusted Profit More Than Doubles

July 31, 2019

© Theerapong / Adobe Stock
© Theerapong / Adobe Stock

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)



Current News

There’s Something Happening off Newfoundland

There’s Something Happening off Newfoundland

New Jersey to Create WIND Institute

New Jersey to Create WIND Institute

Empyrean Energy to Spud Well in Indonesia

Empyrean Energy to Spud Well in Indonesia

Ed LeBlanc Joins Ørsted

Ed LeBlanc Joins Ørsted

Rotterdam Port Rides High on Offshore Waves

Rotterdam Port Rides High on Offshore Waves

Power Outage Shuts Hibernia Production

Power Outage Shuts Hibernia Production

Saudi Aramco Asks Banks to Pitch for IPO Roles

Saudi Aramco Asks Banks to Pitch for IPO Roles

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week