Oil Service Giant Baker Hughes Orders Rise 28%, Including $900 million in LNG Awards

Houston based energy services giant Baker Hughes reported stronger than expected second quarter earnings on Wednesday before the market open. The company sees Q3 and FY23 revenues in line with estimates BKR reported revenue of $5.7 billion for the first quarter of 2023, 25% over the same period last year, and slightly better than the 24% increase that Wall Street expected. Net income of $410 million handily beat expectations, compared to a loss of $839 million last year. Orders increased … Continue reading “Oil Service Giant Baker Hughes Orders Rise 28%, Including $900 million in LNG Awards”

Oil Service Giant Baker Hughes Strongest Growth in LNG and New Energies Segments

Houston based energy services giant Baker Hughes reported stronger than expected first quarter earnings on Wednesday before the market open. BKR reported a a net profit of $576 million compared to a $72 million return for the same quarter of 2022 and a $182 million net profit in the previous quarter. Revenues were $5.7 billion for the first quarter of 2023, up 18% year-on-year. Orders were $7.6 billion were up 12% year-on-year in Q1. Growth was strongest in its liquefied … Continue reading “Oil Service Giant Baker Hughes Strongest Growth in LNG and New Energies Segments”

Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter

Energy services company Baker Hughes reported weaker than expected fourth quarter earnings on Monday before the market open. However, $BKR said it had record orders of $8.0 billion for the fourth quarter. Baker Hughes reported fourth-quarter net income of $182 million, or 18 cents a share. On an adjusted basis, BKR earned 38 cents a share, up from 25 cents a share a year before. Last quarter the company reported a loss of $17 million for the second-straight quarterly loss … Continue reading “Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter”

Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror

Energy services company Baker Hughes reported stronger than expected third quarter earnings on Wednesday before the market open. The company still reported a loss of $17 million for the three-months for the second-straight quarterly loss this year after making $72 million in the first three months. The company took large charges after pulling out of Russia after the Ukraine invasion. $BKR shares were up 6.2% at $25.67 after the release. Updated: Peers Halliburton reported Tuesday and Schlumberger reported Friday. Baker … Continue reading “Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror”

General Electric Earnings Higher Driven by Aerospace Segment

General Electric Second Quarter results beat EPS and revenue expectations. GE’s Aerospace segment saw 26% order growth which led to the company’s largest EPS beat in over five years and helped it to generate positive free cash flow of $200 million. GE is still forecasting growth of more than 20% and operating profit of $3.8-$4.3 bln for GE Aerospace. GE is on track to create three independent companies: GE Aerospace, GE HealthCare, and GE Vernova, GE’s portfolio of energy businesses. … Continue reading “General Electric Earnings Higher Driven by Aerospace Segment”

Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation

Energy services company Baker Hughes reported weaker than expected second quarter earnings on Wednesday before the market open. The cited inflation and its suspension of operations in Russia as reasons earnings were negatively impacted. Baker Hughes stock plunged to 25.32 −2.90 (-10.29%) on the result. Peers Halliburton reported Tuesday crushing estimates and predicted years of growth in demand for drilling and Schlumberger reports Friday. Baker Hughes: $BKR Reported Before Open Wednesday Baker Hughes (BKR) Q2 2022 Earnings and Revenues Miss … Continue reading “Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation”

Global Supply Chain Contagion Hits Oil Service Firm Baker Hughes Earnings

Energy services company Baker Hughes,reported weaker than expected third quarter earnings on Wednesday before the market open. Oilfield services were negatively impacted by Hurricane Ida and supply chain problems. $BKR peers Halliburton reported Monday and Schlumberger reports Friday.

Baker Hughes GE Gives Robust Macro Outlook For Oil and LNG

Energy services company Baker Hughes, a GE Co. reported second quarter earnings on Friday before the market opened. $BHGE showed a slight miss on weaker revenue but gave a robust outlook on the macro oil structure. Parent General Electric $GE also reported earnings this morning.