BHGE Posts Unsurprising 1Q Results; Outperforming on OFS Growth, but We Are Worried About Pricing
Baker Hughes posted sequentially down first-quarter results following a windfall fourth quarter. Revenue fell 10%, driven most strongly by the turbomachinery segment, where revenue fell 27% sequentially following a 28% increase in the fourth quarter. Adjusted operating margin fell to 4.9% from 8% in the prior quarter, driven mostly by turbomachinery but with declines also in oilfield services and digital solutions. Our fair value estimate and no-moat rating are unchanged.In oilfield services, B...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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