Baker Hughes slips after swinging to Q2 profit, issuing in-line guidance
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Baker Hughes (NASDAQ:BKR) -1.8% pre-market Wednesday, pulling back from a 52-week high achieved in the previous session, after reporting better than expected Q2 adjusted earnings and in-line revenues of $6.3B, up 10% Q/Q and up 25% Y/Y.
The company swung to Q2 net income of $410M, or $0.40/share, from a loss of $839M, or $0.84/share, in the year-earlier quarter.
Q2 revenues by segment saw Oilfield Services & Equipment rising 8% Q/Q to 20% Y/Y to $3.88B, including strong gains in the Completions, Interventions & Measurements and Subsea & Surface Pressure Systems businesses, and Industrial Energy & Technology increased 14% Q/Q and 34% Y/Y to $2.44B.
Q2 North American oilfield services revenues rose 5% Q/Q and 13% Y/Y to $1.04B, and International segment revenues jumped 10% Q/Q and 23% Y/Y to $2.83B.
Q2 Oilfield Services & Equipment orders rose 2% Q/Q and 24% Y/Y to $4.19B, while orders in Industrial Energy & Technology declined 7% Q/Q and rose 33% Y/Y to $3.28B.
Baker Hughes (BKR) issued in-line guidance for Q3, seeing revenues of $6.4B-$6.6B, compared to $6.47B consensus estimate, and for FY 2023, seeing revenues of $24B-$26B vs. $25.3B consensus.
"Despite lower oil prices over the first half of the year, we maintain a constructive outlook for global upstream spending in 2023," Chairman and CEO Lorenzo Simonelli said. "Market softness in North America is expected to be more than offset by strength in international and offshore markets."
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