BAKU, Azerbaijan, April 22
By Leman Zeynalova - Trend:
Orders of Baker Hughes for the first quarter of 2020 were $5,532 million, down 20 percent sequentially and down 3 percent year-over-year, Trend reports with reference to the company’s data.
The sequential decline was a result of lower order intake across all segments, primarily driven by seasonal declines in Oilfield Equipment and Turbomachinery & Process Solutions. Equipment orders were down 34 percent sequentially and service orders were down 9 percent. Year-over-year, the decline in orders was driven by Digital Solutions and Oilfield Equipment, partially offset by year-over-year growth in Turbomachinery & Process Solutions and Oilfield Services. Year-over-year equipment orders were down 4 percent and service orders were down 2 percent,” Baker Hughes said in its report.
The company's total book-to-bill ratio in the quarter was 1.0; the equipment book-to-bill ratio in the quarter was 1.0.
Remaining Performance Obligations (RPO) in the first quarter ended at $22.7 billion, a decrease of $0.2 billion from the fourth quarter of 2019. Equipment RPO was $7.9 billion, down 3 percent sequentially. Services RPO was $14.9 billion, flat sequentially.
Revenue for the quarter was $5,425 million, a decrease of 15 percent, sequentially. The decline was a result of seasonal declines across all segments.
Compared to the same quarter last year, revenue was down 3 percent. The primary driver of the decline was lower market activity.
Operating income for the quarter was negatively impacted by approximately $100 million as a result of the COVID-19 pandemic. This impact was driven primarily by supply chain disruptions and lower direct sales into the Asia Pacific and Europe regions.
Capital expenditures, net of proceeds from disposal of assets, were $325 million for the first quarter of 2020.
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