Baker Hughes, a GE company, (BHGE) has reported profit of $13 million or 3 cents per diluted share on GAAP basis for the quarter ended September 30, 2018.
Adjusted diluted earnings per share were 15 cents per share.
The company generated revenue of $5.7 billion for the quarter, up 2% sequentially and up 7% year-over-year.
Orders were $5.7 billion for the quarter, down 5% sequentially and flat year-over-year.
GAAP (generally accepted accounting principles) operating income of $282 million for the quarter, increased $204 million sequentially and increased $475 million year-over-year.
Adjusted operating income was $377 million for the quarter, up 30% sequentially and up $207 million year-over-year.
“The offshore market is the strongest it has been in many years and the improving tender and order activity is an encouraging sign as we look out to 2019 and beyond,” said Lorenzo Simonelli, BHGE chairman, president and CEO.
“In Oilfield Services, the market environment continues to improve, and our well construction product lines are seeing robust activity increases. We remain focused on gaining share in critical markets, and increasing the margin rate, which was up more than 400 basis points year-over-year. This quarter, we secured some critical wins in the Middle East and achieved a number of significant execution milestones with our customers across the Marcellus and Permian basins in North America. We saw strong growth in our Drilling Services and international Pressure Pumping product lines and we outperformed the market in the Middle East and Asia Pacific.
“In our Oilfield Equipment segment, the outlook is steadily improving. This quarter we secured several wins across our portfolio, including our first new-build blowout preventer (BOP) order since 2014. We are leveraging our flexible partnership models and enhancing our technology offering to drive better, more sustainable subsea economics for customers, and we are well positioned as the market continues to improve.”