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Baker Hughes Posts Earnings Miss as Pandemic Hits Oil Demand

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Oilfield services major Baker Hughes (BKR) reported adjusted fourth-quarter earnings that missed analysts’ forecasts as it continued to recover from a slump in oil and gas prices due to the Covid-19 pandemic.

Houston-based Baker Hughes posted net income of $653 million, or 91 cents a share, in the fourth quarter, vs. $48 million, or 7 cents a share, in the comparable year-earlier period.

On an adjusted basis, the company posted a loss of $50 million, which translated into a per-share loss of 7 cents. Analysts polled by FactSet had been expecting earnings of 17 cents a share.

Revenue came in at $5.5 billion for the quarter, down 13% year over year, the company said , though slightly ahead of the $5.4 billion analysts polled by FactSet had been expecting. Orders totaled $5.2 billion, down 25% year over year.

Like other oil and gas majors, Baker Hughes is looking to transition itself to a new era of cleaner energy that improves efficiency and reduces emissions. Last year, the company acquired Compact Carbon Capture (3C), a technology development company specializing in carbon capture solutions.

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