Baker Hughes Q4 Adj. Operating Income Down 16% YoY; Revenue Down 3%

(RTTNews) - Baker Hughes, a GE company (BHGE), reported a GAAP net loss per share of $0.07 for the fourth-quarter, which included $0.22 per share of adjusting items. Adjusted profit per share was $0.15, for the quarter. Adjusted operating income was $303 million for the quarter, down 16% year-over-year on a combined business basis.

Fourth-quarter revenue was $5.8 billion, down 3% year-over-year on a combined business basis. Orders were $5.8 billion for the quarter, down 2% year-over-year on a combined business basis.

Lorenzo Simonelli, BHGE CEO, said: "We saw growth in our shorter-cycle businesses and declines in our longer-cycle businesses. Total year 2017 orders were $22 billion on a combined business basis. Orders in Turbomachinery & Process Solutions were up slightly versus 2016 despite the continued low demand for new LNG projects, while the Digital Solutions and Oilfield Equipment businesses grew orders substantially. For the total year 2017, we delivered revenues of $21.9 billion on a combined business basis."