Loading...
•
Sep 30, 2020
Baker Hughes Q3 2020 Earnings Report
Baker Hughes reported solid results despite continued uncertainty in global oil and gas markets and the ongoing impact of the COVID-19 pandemic.
Key Takeaways
Baker Hughes announced Q3 2020 results with revenue of $5.0 billion, up 7% sequentially and down 14% year-over-year. The company reported a GAAP operating loss of $49 million and adjusted earnings per share of $0.04. They generated $219 million in cash flow from operating activities and $52 million in free cash flow.
Orders of $5.1 billion for the quarter, up 4% sequentially and down 34% year-over-year.
Revenue of $5.0 billion for the quarter, up 7% sequentially and down 14% year-over-year.
GAAP operating loss of $49 million for the quarter, up 6% sequentially and unfavorable year-over-year.
Adjusted earnings per share (a non-GAAP measure) was $0.04.
Revenue by Segment
Forward Guidance
Baker Hughes is focused on improving margin and return profile while executing long-term strategy to evolve portfolio along with the energy landscape, remaining committed to leading the energy transition and becoming a key enabler to decarbonizing oil and gas and other industries.
Positive Outlook
- On track to hit goals of right-sizing the business.
- Generating free cash flow.
- Achieving $700 million in annualized cost savings by year end.
- Intensely focused on improving the margin and return profile of Baker Hughes despite the near-term macro volatility.
- Executing on long-term strategy to evolve our portfolio along with the energy landscape.
Challenges Ahead
- Continued uncertainty in global oil and gas markets.
- Ongoing impact of the COVID-19 pandemic.
- Demand recovery is beginning to level off.
- Significant excess capacity remains, which could create volatility in the future.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...