Baker Hughes on the rise after Q3 beat on adjusted earnings
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Baker Hughes (NASDAQ:BKR) +2.4% pre-market Wednesday after adjusted Q3 earnings topped Wall Street estimates, and the oilfield services company said it believes many of the "unique challenges" presented in 2022 "should be behind us" in 2023.
Baker Hughes (BKR) swung to a Q3 net loss of $17M, including $230M in restructuring and impairment charges related to the company's recent reorganization, or $0.02/share, from net income of $8M, or $0.01/share, in the year-ago quarter, but Q3 adjusted income rose to $0.26/share from $0.16 a year earlier.
Q3 total revenues rose 5.4% Y/Y to $5.37B; by segment, Oilfield Services +17% to $2.84B, Turbomachinery & Process Solutions -7.9% to $1.44B, Oilfield Equipment -7% to $561M, Digital Solutions +3.5% to $528M.
Q3 adjusted operating income $503M; by segment, Oilfield Services +74% Y/Y to $330M, Turbomachinery & Process Solutions -5.8% to $262M, Oilfield Equipment operating loss $6M vs. a year-ago $14M profit, Digital Solutions -23% to $20M.
Total orders jumped 13% Y/Y to $6.06B, ahead of expectations of $5.61B.
"The macro outlook has grown increasingly uncertain... [but] we remain positive on the outlook for oil and gas," Chairman and CEO Lorenzo Simonelli said. "We believe the fundamentals remain supportive of a multi-year upturn in global upstream spending, and that elevated natural gas and LNG pricing remains constructive for future FIDs."
Baker Hughes' (BKR) stock price return shows a 3% YTD loss and a 10% loss during the past year.