- Baker Hughes Co BKR reported a second-quarter revenue decline of 2% year-over-year and a 4% growth sequentially to $5.05 billion, missing the consensus of $5.34 billion.
- Orders grew by 15% Y/Y to $5.9 billion and were down 14% sequentially.
- Revenues by segments: Oilfield Services $2.69 billion (+14% Y/Y), Oilfield Equipment $541 million (-15% Y/Y); Turbomachinery & Process Solutions $1.29 billion (-21% Y/Y), and Digital Solutions $524 million (+1% Y/Y).
- Adjusted EPS was $0.11, missing the consensus of $0.22.
- The adjusted operating income was $376 million for the quarter (+13% Y/Y), and the margin expanded 97 bps to 7.5%.
- Adjusted EBITDA was $651 million, up 4% sequentially and +6.6% Y/Y, and the margin expanded by 102 bps to 12.9%.
- BKR's cash flow from operating activities year-to-date totaled $393 million, compared to $1.18 billion a year ago.
- The company held cash and equivalents of $2.93 billion as of June 30, 2022.
- "Our second quarter results were mixed as each product company navigated a different set of challenges ranging from component shortages and supply chain inflation to the suspension of our Russian operations," stated Lorenzo Simonelli, Baker Hughes chairman, and CEO.
- "We believe the outlook for oil prices remains volatile, but still supportive of strong activity levels as higher spending is required to re-order the global energy map and likely offsets demand destruction in most recessionary scenarios," added Simonelli.
- Price Action: BKR shares are trading lower by 9.39% at $25.57 during the market session on Wednesday.
- Photo Via Company
BKRBaker Hughes Co
$37.62-1.93%
Edge Rankings
Momentum
84.04
Growth
82.01
Quality
92.72
Value
63.46
Price Trend
Short
Medium
Long
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