Houston's Baker Hughes reported a small, but growing $70 million profit in the first quarter that swung from a loss courtesy of income tax benefits.
Baker Hughes, now a GE company, is slowly returning to profitability as it recovers from the recent oil bust and completes its integration with General Electric's Oil & Gas division that closed mid-year 2017.
Baker Hughes' $5.4 billion in quarterly revenues grew slightly from the $5.3 billion from the combined companies a year ago, but down from Baker Hughes' $5.8 billion in the fourth quarter. Still, the first quarter represents a return to profit even though it required tax benefits of $86 million.
Baker Hughes Chairman and CEO Lorenzo Simonelli said the company made strong progress in the first quarter with a series of new contract wins that continues to position it well for the long-term future as the industry rebounds with rising oil prices.
"Looking forward, the macro outlook is favorable and we remain focused on positioning the company for further growth and profitability," Simonelli said. "With our talented and experienced team, leading portfolio and a focus on execution, we are set up to deliver this year and beyond."
Baker Hughes, now a GE company, is slowly returning to profitability as it recovers from the recent oil bust and completes its integration with General Electric's Oil & Gas division that closed mid-year 2017.
Baker Hughes' $5.4 billion in quarterly revenues grew slightly from the $5.3 billion from the combined companies a year ago, but down from Baker Hughes' $5.8 billion in the fourth quarter. Still, the first quarter represents a return to profit even though it required tax benefits of $86 million.
Baker Hughes Chairman and CEO Lorenzo Simonelli said the company made strong progress in the first quarter with a series of new contract wins that continues to position it well for the long-term future as the industry rebounds with rising oil prices.
"Looking forward, the macro outlook is favorable and we remain focused on positioning the company for further growth and profitability," Simonelli said. "With our talented and experienced team, leading portfolio and a focus on execution, we are set up to deliver this year and beyond."
