Daily Management Review

Baker Hughes net profit falls by 34% in 2019


According to the results of 2019, the American oilfield services company Baker Hughes received a net profit attributable to shareholders in the amount of $ 128 million, which is 34% lower than a year ago, the company said.

Tony Webster via flickr
Tony Webster via flickr
Diluted earnings per share for the reporting period amounted to $ 0.23 versus $ 0.45 in 2018. The company's revenue in 2019 increased by 4.2%, to $ 23.838 billion.

According to the results of the fourth quarter, the company's net profit fell 2.7 times in annual terms, to $ 48 million. Diluted earnings per share were $ 0.07 versus $ 0.28 a year earlier. The company's revenue for the fourth quarter increased by 1.3% compared to the same period in 2018 - up to 6.347 billion dollars. Analysts were expecting quarterly revenue of $ 6.48 billion.

“Since the beginning of 2020, we have seen a slow improvement in the macroeconomic environment, as well as a number of opportunities to further strengthen Baker Hughes’s business both in the short and long term,” Lorenzo Simonelli, head of Baker Hughes, quoted in the release.

In October, Baker Hughes, a GE Company (BHGE) regained its historical name - Baker Hughes.

Baker Hughes provides weekly data on changes in the number of rigs in the United States and Canada since 1944. Since 1975, the service company has been publishing the number of drilling rigs worldwide every month.

source: bloomberg.com