Baker Hughes beats by $0.01, beats on revs
Reports Q4 (Dec) earnings of $0.62 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.61; revenues rose 10.0% year/year to $5.86 bln vs the $5.66 bln consensus. Q4 results excludes after-tax severance charges of $29 mln ($0.06 per diluted share), but includes after-tax losses of $79 mln ($0.18 per diluted share) in Iraq. The losses in Iraq are primarily related to the significant disruption of operations previously announced during the quarter, expenses associated with personnel movements and security measures, and other nonrecurring items.
Cash
Cash increased by $31 mln to $1.40 bln as of December 31, 2013, compared to $1.37 bln at September 30, 2013. Compared to December 31, 2012, cash increased by $384 mln. Debt decreased by $194 mln to $4.38 bln compared to September 30, 2013 and decreased by $535 mln compared to December 31, 2012.
Capex
Capital expenditures were $533 mln, depreciation and amortization expense was $436 mln and dividend payments were $67 mln in the fourth quarter of 2013. For the year 2013, capital expenditures were $2.1 bln, which is down $825 mln or 28% compared to the year 2012. Depreciation and amortization expense for the year 2013 was $1.70 bln, and dividend payments were $267 mln.
Outlook/commentary:
"Looking forward, we project increased activity in all of our operational segments in 2014, led by 10% rig count growth in international markets and 5% well count growth in the U.S. By increasing the pace of innovation, we are delivering new products and unique solutions that are helping our customers meet their drilling and production challenges."
Cash
Cash increased by $31 mln to $1.40 bln as of December 31, 2013, compared to $1.37 bln at September 30, 2013. Compared to December 31, 2012, cash increased by $384 mln. Debt decreased by $194 mln to $4.38 bln compared to September 30, 2013 and decreased by $535 mln compared to December 31, 2012.
Capex
Capital expenditures were $533 mln, depreciation and amortization expense was $436 mln and dividend payments were $67 mln in the fourth quarter of 2013. For the year 2013, capital expenditures were $2.1 bln, which is down $825 mln or 28% compared to the year 2012. Depreciation and amortization expense for the year 2013 was $1.70 bln, and dividend payments were $267 mln.
Outlook/commentary:
"Looking forward, we project increased activity in all of our operational segments in 2014, led by 10% rig count growth in international markets and 5% well count growth in the U.S. By increasing the pace of innovation, we are delivering new products and unique solutions that are helping our customers meet their drilling and production challenges."