HOUSTON, April 30 (Xinhua) -- Baker Hughes, a GE company (BHGE) Tuesday posted first-quarter (Q1) 2019 revenue of 5.6 billion U.S. dollars, down 10 percent sequentially and up 4 percent year on year.
"BHGE delivered a solid first quarter against a backdrop of stabilizing global oil and gas markets. U.S. rig count dropped slightly less than expected, and international activity remained steady. The LNG (Liquefied Natural Gas) market is very active," said Lorenzo Simonelli, BHGE chairman and CEO.
Simonelli said BHGE booked 5.7 billion dollars in orders in the first quarter, "driven by year-over-year growth in three of our four segments."
The four segments are Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS).
Simonelli said "We have a positive outlook across a number of end markets. Strengthening international markets will have the largest positive impact on our business, while operators in North America will continually re-evaluate their spending plans. The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market."
Meanwhile, the company announced GAAP operating income of 176 million dollars for the quarter, decreasing 206 million dollars sequentially and increasing 217 million dollars year over year. The company also said the adjusted operating income (a non-GAAP measure) was 273 million dollars for the quarter, down 45 percent sequentially and up 20 percent year-over-year.
GAAP refers to Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting. The company presents its financial results in accordance with GAAP. However, its management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the company and its ongoing operations.
BHGE said that it is the world's first and only fullstream provider of integrated oilfield products, services and digital solutions with operations in over 120 countries.
