Baker Hughes up Marginally on Q4, Full Year Figures

Baker Hughes Company (NYSE: BKR) shares were fairly flat Thursday, on announcing results today for the fourth quarter and full year 2020.

The company revealed orders of $5.2 billion for the quarter, up 2% sequentially and down 25% year-over-year.

Revenue proved to be $5.5 billion for the quarter, up 9% sequentially and down 13% year-over-year. GAAP operating income was$182 million for the quarter, up $231 million sequentially and down 45% year-over-year.

Adjusted operating income (a non-GAAP measure) of $462 million for the quarter, up 98% sequentially and down 15% year-over-year.

GAAP diluted earnings per share of $0.91 for the quarter which included a loss of 98 cents per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) provided for a loss of seven cents per share.

Cash flows generated from operating activities were $378 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $250 million.

According to CEO Lorenzo Simonelli, "We are pleased with our fourth quarter and full year results while navigating the impacts of the global pandemic and industry downturn. Despite an incredibly challenging year for the industry in 2020, we generated over $500 million in free cash flow, booked $6.4 billion in TPS orders, and executed on our substantial cost-out and restructuring program.

"We also took several important steps to accelerate our strategy and invest in energy transition technologies, helping to position the company for the future."

BKR shares squeaked up seven cents to $22.96.