Baker Hughes Reports 11% Increase in Q4 Adjusted Profit Driven by LNG Demand
Baker Hughes reported an 11% increase in Q4 adjusted profit, reaching $772 million, driven by strong demand in its gas technology and industrial energy sectors, particularly from liquefied natural gas (LNG) projects. While revenue from the industrial and energy technology segment rose 9% to $3.8 billion, oilfield services revenue declined by 8% to $3.6 billion due to lower oil prices. The company anticipates mid-single-digit growth in adjusted earnings and plans to streamline operations, incurring a $215 million restructuring charge.
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Baker Hughes reported an 11% increase in adjusted profit for Q4, driven by its gas technology and industrial energy business amid strong demand from liquefied natural gas (LNG) projects. For the quarter ended December 31, the Houston-based company posted adjusted net income of $772 million, or 78 cents per share, up from $694 million, or 70 cents per share, year-over-year.
Revenue from the industrial and energy technology segment rose 9% to $3.8 billion, bolstered by robust LNG development and gas infrastructure demand. In contrast, revenue from oilfield services declined 8% to $3.6 billion due to lower oil prices.
Baker Hughes anticipates mid-single-digit growth in adjusted earnings and expects margins in its industrial and energy technology business to expand while remaining flat in oilfield services. The company also recorded a $215 million restructuring charge to streamline operations.
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