• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"

Baker Hughes Posts Q3 Earnings Miss

Oilfield services giant Baker Hughes (NASDAQ: BKR) has posted mixed Q3 2022 results, with Q3 Non-GAAP EPS of $0.26 beating by $0.01 but revenue of $5.37B (+5.5% Y/Y) missed by $60M. Baker Hughes posted a quarterly loss compared with a profit a year ago, hit by $230 million in restructuring and impairment charges relating to the oilfield services provider's latest reorganization.

The company posted GAAP loss per share of $(0.02) for the quarter, which included $0.28 per share of adjusting items. Meanwhile, cash flows generated from operating activities were $597 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $417 million.

The macro outlook has grown increasingly uncertain as the global economy is dealing with strong inflationary pressures, a rising interest rate environment, and sizeable fluctuations in global currencies. Despite these economic challenges, we remain positive on the outlook for oil and gas. We believe the fundamentals remain supportive of a multi-year upturn in global upstream spending, and that elevated natural gas and LNG pricing remains constructive for future FIDs. On the new energy front, recent policy movements in Europe and the U.S. are likely to help support a significant increase in clean energy development,” Baker Hughes Chairman and CEO Lorenzo Simonelli told investors during the company’s earnings call.

Baker Hughes peers, which are some of the biggest oilfield services providers, are expected to report this week. Wall Street is looking forward to a strong set of results for the third quarter from the OFS sector. In fact, expectations are for one of the strongest reports in years thanks to higher demand and pricing.

Schlumberger Ltd (NYSE: SLB)  is expected to report earnings next, on Friday before the market opens. 

According to Zacks Investment Research, based on 8 analysts' forecasts, the consensus EPS forecast for the quarter is $0.55. The reported EPS for the same quarter last year was $0.36.

Halliburton Co (NYSE: HAL) is expected to report earnings on October 25 before the market opens.

According to Zacks Investment Research, based on 9 analysts' forecasts, the consensus EPS forecast for the quarter is $0.56. The reported EPS for the same quarter last year was $0.28.

By Alex Kimani for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on October 19 2022 said:
    A whole lot of someones caught waaaaay too short in this entire Sector would be an understatement. *"Inflation Reduction Act."* Too funny.

    Thanks for the extra $5.00 us dollars in Social Security payouts Democratic Republitards! In Chevron we trust! Wow pure political genius!

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News