Baker Hughes, a GE company, (BHGE) has reported profit of $131 million or 28 cents per diluted share on GAAP basis for the quarter ended December 31, 2018.
Adjusted diluted earnings per share were 26 cents per share.
The company generated revenue of $6.26 billion for the quarter, up 11% sequentially and up 8% year-over-year.
Orders were $6.9 billion for the quarter, up 20% sequentially and up 21% year-over-year (largest orders quarter in almost 3 years).
For the total year 2018, orders were $23.9 billion and BHGE delivered $22.9 billion of revenue.
GAAP (generally accepted accounting principles) operating income of $382 million for the quarter, increased from $282 million sequentially and bounced back from operating loss of $111 million year-over-year.
Adjusted operating income was $498 million for the quarter, up 32% sequentially and up 75% year-over-year.
“We delivered a strong fourth quarter and finished out a solid 2018 for BHGE. As we look forward to 2019, our core mission as a company is unchanged — delivering productivity solutions to the oil and gas industry through differentiated technology and innovative commercial models. We are positioning the company to navigate a dynamic macroeconomic environment, while remaining focused on delivering for our customers and on our priorities of share, margins, and cash,” said Lorenzo Simonelli, BHGE chairman, president and CEO.