Baker Hughes Has Excellent 4Q Results on TPS Segment Windfall
Baker Hughes had an excellent fourth quarter. Revenue increased 11% sequentially and adjusted operating margin increased from 6.7% to 8%, the highest posting on a pro forma combined company basis since mid-2015 (when the turbomachinery business was benefiting from the prior LNG investment cycle). The bulk of the sequential improvement, especially on the bottom line, was driven by the turbomachinery and process solutions, or TPS, segment. Our fair value estimate and no-moat rating are unchanged, ...Baker Hughes is an energy technology company. The company's segments are: Oilfield Services, which provides products and services for onshore and offshore operations ranging from drilling, evaluation, completion, production, and intervention; Oilfield Equipment, which provides products and services for the subsea, offshore surface and onshore operating environments; Turbomachinery and Processing Solutions, which provides equipment and related services for mechanical-drive, compression and power-generation applications; and Digital Solutions, which includes condition monitoring, industrial controls, non-destructive technologies, measurement, sensing, and pipeline solutions.
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