Baker Hughes Announces 4th Quarter and Total Year 2022 Results
Revenue for the quarter was $5,905 million, an increase of 10% sequentially. The increase in revenue was driven by higher volume in both segments. Compared to the same quarter last year, revenue increased 8%, driven by higher volume in both segments.
The Company’s total book-to-bill ratio in the quarter was 1.4. Industrial & Energy Technology book-to-bill in the quarter was 1.8.
Operating income on a GAAP basis for the fourth quarter of 2022 was $663 million. Operating income increased $394 million sequentially and increased $89 million year-over-year. Total segment operating income was $792 million for the fourth quarter of 2022, up 31% sequentially and up 17% year-over-year.
Adjusted operating income (a non-GAAP measure) for the fourth quarter of 2022 was $692 million, which excludes adjustments totaling $29 million before tax. A complete list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the fourth quarter was up 38% sequentially and up 21% year-over-year.
Depreciation and amortization for the fourth quarter of 2022 was $255 million.
Adjusted EBITDA (a non-GAAP measure) for the fourth quarter of 2022 was $947 million, which excludes adjustments totaling $29 million before tax. See Table 1b in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the fourth quarter was up 25% sequentially and up 12% year-over-year.
The sequential increase in Adjusted operating income and Adjusted EBITDA was driven by volume in both segments, and higher pricing in Oilfield Services and Equipment. The year-over-year increase in Adjusted operating income and Adjusted EBITDA was driven by volume and pricing in both segments and productivity in Oilfield Services and Equipment partially offset by cost inflation in both segments and higher equipment mix in Industrial & Energy Technology.
Corporate costs were $100 million in the fourth quarter of 2022, down 3% sequentially and down 5% year-over-year.
Other Financial Items
Remaining Performance Obligations (RPO) in the fourth quarter ended at $27.8 billion, an increase of $3.1 billion from the third quarter of 2022. Oilfield Services & Equipment RPO was $2.6 billion, up 8% sequentially, while Industrial & Energy Technology RPO was $25.3 billion, up 13% sequentially. Within Industrial & Energy Technology RPO, Gas Technology – Equipment RPO was $9.5 billion and Gas Technology – Services RPO was $13.6 billion.
Income tax expense in the fourth quarter of 2022 was $157 million.
Record orders of $8.0 billion for the quarter, up 32% sequentially and up 20% year-over-year
GAAP operating income of $663 million for the quarter, up $394 million sequentially and up 15% year-over-year
Adjusted operating income (a non-GAAP measure) of $692 million for the quarter, up 38% sequentially and up 21% year-over-year
Adjusted EBITDA* (a non-GAAP measure) of $947 million for the quarter, up 25% sequentially and up 12% year-over-year
GAAP earnings per share of $0.18 for the quarter which included $0.20 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.38.
Cash flows generated from operating activities were $898 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $657 million.
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