Baker Hughes edges higher as Q4 revenue rises on record orders
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Baker Hughes (NASDAQ:BKR) +0.9% pre-market Monday after reporting slightly lower than expected Q4 adjusted earnings and revenues but reported record orders of $8B for quarter.
The oilfield services company reported a Q4 GAAP profit of $182M, or $0.18/share, compared with $294M, or $0.32/share in the year-ago quarter while revenues rose 8% Y/Y and 10% Q/Q to $5.91B, although analysts had expected a bit more.
Q4 adjusted EBITDA increased 12% Y/Y and 25% Q/Q to $947M, driven by volume in both of the company's business segments and higher pricing in oilfield services and equipment; free cash flow for the quarter was $657M.
Q4 sales increased 12% Y/Y and 5% Q/Q to $3.58B in the oilfield services and equipment business, and 1% Y/Y and 18% Q/Q to $2.32B in the industrial and energy technology unit.
Baker Hughes (BKR) issued in-line guidance for Q1, seeing revenues of $5.3B-$5.7B compared with $5.53B analyst consensus estimates and Q1 adjusted EBITDA of $700M-$760M.
For FY 2023, the company guides for revenues of $24B-$26B vs. $24.2B consensus and adjusted EBTIDA of $3.6B-$3.8B.
"Despite recessionary pressures in some of the world's largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist," CEO Lorenzo Simonelli said.
Baker Hughes (BKR) shares have gained 8% already this year while rising 16% during the past year.