Baker Hughes Company (NYSE: BKR) reported Q4 EPS of $0.27, $0.04 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $6.35 billion versus the consensus estimate of $6.48 billion.

• Orders of $6.9 billion for the quarter, down 11% sequentially and up 1% year-over-year
• Revenue of $6.3 billion for the quarter, up 8% sequentially and up 1% year-over-year
• GAAP operating income of $331 million for the quarter, up 11% sequentially and down 13% year-over-year
• Adjusted operating income (a non-GAAP measure) of $546 million for the quarter, up 30% sequentially and up 10% year-over-year
• GAAP diluted earnings per share of $0.07 for the quarter which included $0.20 per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) were $0.27.
• Cash flows generated from operating activities were $1,357 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $1,053 million.

“We closed out a strong year of performance with solid results in the fourth quarter, delivering strong cash flow, strong orders in Turbomachinery & Process Solutions (TPS) and Oilfield Equipment (OFE), and better execution in Digital Solutions (DS). For the full year 2019, we achieved a number of key milestones, including 20% year-over-year order growth in TPS, almost 300 basis points of margin improvement in TPS, 12% order growth in OFE, and free cash flow of $1.2 billion. In addition, we accelerated our separation efforts from GE, launched our new company brand, and positioned ourselves to compete more effectively in a changing marketplace. I cannot thank our employees enough for their hard work and dedication to achieve our goals throughout the year,” said Lorenzo Simonelli, Baker Hughes Chairman, President and Chief Executive Officer.

“As we look ahead to 2020, we see a macro environment that is slowly improving, as well as a range of opportunities to further strengthen Baker Hughes on both a near-term and long-term basis. In the near-term, we continue to identify and execute on opportunities to improve our day-to-day operations and cash flow efficiency. On a longer-term basis, we see several attractive growth opportunities for our company, and we remain focused on positioning Baker Hughes for the upcoming energy transition and the digital transformation of the industry.

“Overall, I am pleased with our fourth quarter results which closed out a solid 2019. As we look forward to 2020, we are clearly focused on executing our strategy and generating strong free cash flow, improving margins, and driving returns,” concluded Simonelli.

For earnings history and earnings-related data on Baker Hughes Company (BKR) click here.