- Oct. 18, 2019 – Baker Hughes, a GE company (NYSE: BHGE) changed its name to Baker Hughes Company. The Company is known as Baker Hughes, and its Class A common stock began trading on the New York Stock Exchange under the symbol “BKR”.
GE's Baker Hughes misses by $0.02, misses on revs
- Reports Q3 (Sep) adj. earnings of $0.19 per share, $0.02 worse than the S&P Capital IQ Consensus of $0.21; revenues +7% year/year to $5.67 bln vs the $5.88 bln S&P Capital IQ Consensus. Oilfield Services was up 12%, Digital Solutions was up 6%, and Oilfield Equipment was up 3%, partially offset by Turbomachinery & Process Solutions which was down 2%.
- Orders of $5.7 billion for the quarter, down 5% sequentially and flat year-over-year
- "We are encouraged by the improved outlook for the macro environment. We expect both the North American and International markets to grow in 2019 as customers increase spending and overall rig and well counts grow. 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. The LNG outlook is also improving, and we conservatively estimate a total of 65 million tons per annum of new capacity to be sanctioned by 2020. We remain well-positioned for the next build-cycle.
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