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.
"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 .
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Baker Hughes edges higher as Q4 revenue rises on record orders