Baker Hughes Posts 2021 Q4 Orders Up 24%

Photo credit: Getty Images

Announcing its preliminary 2021 Q4 and annual results, Houston-headquartered Baker Hughes reported orders of $6.7 billion for the final quarter—up 24% on the previous three months—and revenues of $5.5 billion.

The company cut its global workforce by 15% between March and November 2020 as it sought to navigate the effects of the pandemic.

Total revenues fell slightly to $20.5 billion, compared with $20.7 billion the previous year.

Chairman and CEO Lorenzo Simonelli said, “We are pleased with our fourth quarter results as we generated another quarter of strong free cash flow, solid margin rate improvement, and strong orders from TPS. For the full year, we were pleased with our performance and took several important steps to accelerate our strategy and help position the company for the future. Overall, 2021 proved to be successful on many fronts for Baker Hughes, with key commercial successes and developments in the LNG and new energy markets, as well as record cash flow from operations and free cash flow, and peer-leading capital allocation. I would like to thank our employees for their hard work and commitment to achieve our goals, deliver for our customers and move the company forward.”

“As we look ahead to 2022, we expect the pace of global economic growth to remain strong although slightly moderate compared to 2021. We believe the broader macro recovery should translate into rising energy demand for 2022 and relatively tight supplies for oil and natural gas, providing an attractive investment environment for our customers and a strong tailwind for many of our product companies,” he added. The full report is here.