BHGE announces 2018 results

Highlights

• Orders of US$6.9 billion for the quarter, up 20% sequentially and up 21% year-over-year.
• Revenue of US$6.3 billion for the quarter, up 11% sequentially and up 8% year-over-year.
• GAAP operating income of US$382 million for the quarter, increased US$100 million sequentially and increased US$493 million year-over-year.
• Adjusted operating income (a non-GAAP measure) of US$498 million for the quarter, up 32% sequentially and up US$214 million year-over-year.
• GAAP diluted earnings per share of US$0.28 for the quarter which included US$(0.02) per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) were US$0.26.
• Cash flows generated from operating activities were US$1,090 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was US$876 million. Included in free cash flow is a cash usage of US$111 million relating to restructuring, legal settlements and merger-related payments.

Comments from Lorenzo Simonelli, BHGE Chairman, President and CEO

“2018 marked BHGE’s first full year as a combined company and it was a year of significant change and progress for us. We moved beyond the initial integration phase into the next chapter for BHGE. In November, our majority shareholder, GE, reduced their ownership from approximately 62.5% to approximately 50.4%, and we reached critical commercial agreements with GE that position our company for the future. The market environment changed significantly as we progressed through the year. Through these changes, we stayed focused on our priorities of gaining market share, running the company better to improve margin rates and improving cash generation. While there is more work to do, I am very pleased with how we executed for our customers and shareholders, and I am proud of what we accomplished in 2018.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01022019/bhge-announces-2018-results/