Market News

Baker Hughes’ Q4 Results Disappoint

Baker Hughes Co. (NASDAQ: BKR) reported adjusted earnings of $0.38 per share, on revenues of $5.9 billion in Q4. The energy company’s adjusted earnings per share jumped 53% year-over-year but still fell short of consensus estimates of $0.4.

While revenues grew 8% year-over-year, they still missed Street estimates by $160 million.

The company’s orders soared 20% year-over-year to a record $8 billion in the fourth quarter. Adjusted operating income increased 21% year-over-year to $692 million at the end of Q4.

Lorenzo Simonelli , Baker Hughes’ Chairman, and CEO stated in its press release that while the macroeconomic environment remained uncertain “we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist.”

Simonelli added that BKR expects to generate “strong free cash flow and returning 60 to 80% of this free cash flow to shareholders through a combination of dividends and opportunistic share buybacks”

Wall Street analysts remain bullish about BKR stock with a Strong Buy consensus rating based on six Buys and one Hold.

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