Houston’s Baker Hughes reported the fourth quarter of 2018 saw the company’s biggest demand for orders in three years and as a result, the firm reported revenue of $6.3 billion.
It was an 11% increase from the third quarter and up 21% from a year earlier. The amount of orders for the quarter totaled $6.9 billion which was a 20 percent increase over the third quarter orders.
The company’s adjusted operating income totaled $498 million for the quarter which was 32% higher than the third quarter and up $214 million from a year earlier.
“2018 marked BHGE’s first full year as a combined company and it was a year of significant change and progress for us. We moved beyond the initial integration phase into the next chapter for BHGE,” said Lorenzo Simonelli, BHGE Chairman, President and Chief Executive Officer.
“For the total year 2018, orders were $23.9 billion, as we re-built our backlog, and we delivered $22.9 billion of revenue, as we captured market opportunities and grew our market share. In the year, we delivered $1.4 billion of adjusted operating income. We also achieved over $800 million of synergies, ahead of our target. Free cash flow was $1.2 billion in the year, which included approximately $473 million of restructuring, legal and deal related cash outflows.
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