Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NYSE: BKR) reported its fourth quarter 2020 results, showing a 2% sequential increase in orders at $5.188 billion, but a 25% decline year-over-year. Revenue rose 9% sequentially to $5.495 billion, down 13% year-over-year. The firm generated $250 million in free cash flow, significantly less than the prior year’s $1.053 billion. Adjusted operating income was $462 million, down 15% year-over-year. The company remains optimistic about 2021, despite challenging market conditions, and is focused on cost discipline and energy transition technologies to position itself for future growth.

On December 21, 2020, Michael Baker International appointed Tim Little as the Regional Practice Lead – Transportation for the Mid-Atlantic Region. With over 30 years of experience in transportation, including his tenure as Chief Engineer at the North Carolina Department of Transportation, Mr. Little is expected to advance the firm’s client outreach and business opportunities. His extensive expertise in transportation networks and project development processes positions him as a key asset for Michael Baker's continued leadership in engineering and consulting services.

Baker Hughes (NYSE: BKR) will present its fourth-quarter and full-year earnings results for 2020 on January 21, 2021, via a webcast at 9:00 a.m. ET. A press release with detailed results will precede the event at 7:00 a.m. ET. The company, which operates in over 120 countries, focuses on providing energy technology solutions to its global customers, enhancing efficiency and sustainability in the energy sector.

Aramco and Baker Hughes (NYSE:BKR) have launched a 50/50 joint venture named Novel to develop non-metallic products for the energy sector. The initiative follows a memorandum of understanding signed in July 2019. The new facility, under construction at King Salman Energy Park, will initially produce reinforced thermoplastic pipes. This venture aligns with Aramco’s strategy to enhance oil-based product opportunities while promoting sustainability and job creation in Saudi Arabia. It aims to support Vision 2030 by expanding the commercial ecosystem in the region.

Würth Industry North America (WINA) and Baker Hughes announced a joint service offering to enhance advanced design and 3D printing capabilities for various industrial sectors. This collaboration will leverage Baker Hughes' expertise in additive manufacturing, allowing Würth's extensive customer base access to innovative manufacturing solutions. The partnership aims to reduce lead times and carbon footprints while enhancing supply chain efficiency. Notably, NASA is among the first beneficiaries of this service, utilizing Baker Hughes' 3D printing capabilities to create components for wind tunnel testing.

Baker Hughes (NYSE: BKR) has announced the acquisition of Compact Carbon Capture (3C), a company known for its innovative carbon capture technology. This move reinforces Baker Hughes' commitment to leading in the energy transition and providing decarbonization solutions for carbon-intensive industries. 3C's unique rotating bed technology enhances carbon capture efficiency, reducing capital expenditures by up to 75% and enabling scalability in various applications. Baker Hughes aims to leverage its expertise to accelerate the commercialization of 3C's solutions globally.

Michael Baker International has promoted Gil Bosque to Vice President and Office Executive for its Hamilton, New Jersey location. With over 20 years of transportation engineering experience, Bosque will play a crucial role in the firm's growth in the Northeast Region and its expansion into new markets. He has previously managed multiple departments and significant transportation projects for various clients including the New Jersey Turnpike Authority. Michael Baker International, celebrating its 80th anniversary, continues to provide a range of engineering and consulting services across nearly 100 locations.

Baker Hughes (NYSE: BKR) reported its Q3 2020 financial results, showing revenue of $5,049 million, down 14% year-over-year but up 7% sequentially. Net loss attributable to the company was $170 million, with adjusted EPS at $0.04. Cash flow from operations was $219 million, and free cash flow stood at $52 million. The company secured significant contracts in various sectors, including a major LNG order with Qatar Petroleum. Operating challenges persist in the oil and gas market, yet Baker Hughes continues to focus on cost savings and adaptability in a volatile environment.

On September 28, 2020, Michael Baker International announced the promotion of Mohamed A. Bagha to Regional Practice Lead – Water. With over 15 years at Michael Baker, Bagha will enhance the firm's Water practice in the Gulf Coast Region through client outreach and collaboration. His extensive experience includes water resources engineering and leadership in FEMA's flood risk mapping initiatives. Bagha's contributions were vital in securing projects like the Louisiana Watershed Initiative. He holds multiple engineering degrees and previously was a finalist for the company's Chairman's Award.