Baker Hughes Corp. (NYSE:BKR) announced results today for the fourth quarter and total year 2022.
The tool making company trumpeted record orders of $8.0 billion for the quarter, up 32% sequentially and up 20% year-over-year
Revenue was $5.9 billion for the quarter, up 10% sequentially and up 8% year-over-year
GAAP operating income proved to be $663 million for the quarter, up $394 million sequentially and up 15% year-over-year. Adjusted operating income (a non-GAAP measure) was $692 million for the quarter, up 38% sequentially and up 21% year-over-year
GAAP earnings per share came in at $0.18 for the quarter which included $0.20 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.38.
Said CEO Lorenzo Simonelli, “We were very pleased to end 2022 with solid momentum across our two business segments. In the fourth quarter, we saw continued margin improvement in our OFSE business and an extremely strong level of orders for IET, which was driven by multiple awards across different end markets. 2022 was an important year for Baker Hughes on a number of fronts. Most notably, we took a large step forward in re-shaping the company as we announced a formal restructuring and re-segmentation of Baker Hughes into two business segments.
BKR shares grabbed 38 cents, or 1.2%, to $31.45.
