Increased revenue reported by Baker Hughes Co.

Baker Hughes Co. reported increased second quarter 2019 revenue of $6 billion, up 7 percent from the first quarter and 8 percent better than a year ago.

The company said it had orders totaling $6.6 billion which was a 15 percent increase over the previous quarter and 9 percent more than the second quarter of 2018.

Baker Hughes had adjusted operating income of $361 million for the quarter which was 32 percent better than the first quarter of the year and 25 percent more year-over-year. Adjusted diluted earnings per share were 20 cents.

“We delivered a solid second quarter 2019 both commercially and operationally. The trends for our longer-cycle businesses remain intact. The Liquefied Natural Gas (LNG) new-build cycle is a strong positive for our company and our international Oilfield Services (OFS) business continues to be very successful. Our outlook for 2019 is unchanged and we remain focused on our priorities of gaining share, improving margins and delivering strong cash flows,” said Lorenzo Simonelli, BHGE Chairman and Chief Executive Officer.

“In the second quarter, we booked $6.6 billion in orders, driven by year-over-year growth in three of our four segments. We delivered $6.0 billion in revenue and adjusted operating income in the quarter was $361 million.”

But Simonelli also said the company’s portfolio in North America is driving growth amid uncertain market conditions.

“In closing, we executed well in the second quarter, and we are encouraged by strengthening international markets and the strong LNG project pipeline. Going forward, we remain focused on our financial priorities and differentiating ourselves to drive higher returns across our portfolio,” concluded Simonelli.

Click here to read entire announcement.