Baker Hughes (BKR) FY2019 results: revenue $23.8 billion, up 4.2% on the year
Baker Hughes Co. (BKR) reported revenue of $23.8 billion for fiscal 2019, the year ended 31 December 2019, up 4.2% on the year before. Net income was $128 million, down 34.4%, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$23.8 billion
+4.2% on the year
FY2015FY2019
Operating margin
4.5%
3.1% a year earlier
FY2015FY2019
Net income
$128 million
-34.4% on the year
FY2015FY2019
Diluted EPS
$0.23
-48.9% on the year
FY2015FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
23,838
22,877
17,179
+4.2%
Cost of revenue
19,406
18,891
14,046
+2.7%
Gross profit
4,432
3,986
3,036
+11.2%
Gross margin
18.6%
17.4%
17.7%
Research and development
687
700
501
-1.9%
Selling, general and administrative
2,832
2,699
2,535
+4.9%
Operating income
1,074
701
-284
+53.2%
Operating margin
4.5%
3.1%
-1.7%
Pre-tax income
753
541
-346
+39.2%
Income tax
482
258
45.0
+86.8%
Effective tax rate
64.0%
47.7%
n/a
Net income
128
195
-103
-34.4%
Net margin
0.5%
0.9%
-0.6%
Diluted EPS
$0.23
$0.45
-$0.17
-48.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,126
1,762
-799
+20.7%
Capital expenditure
1,240
995
665
+24.6%
Free cash flow
886
767
-1,464
+15.5%
Free cash flow margin
3.7%
3.4%
-8.5%
Cash from investing
-1,045
-578
-4,130
Cash from financing
-1,534
-4,363
10,919
Depreciation and amortisation
1,418
1,486
1,103
-4.6%
Buybacks
0.0
387
174
Dividends paid
395
315
155
+25.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
21,929
17,465
14,277
+25.6%
Non-controlling interest
12,570
17,548
24,133
-28.4%
Debt
6,622
7,227
8,349
-8.4%
Operating lease liabilities
641
n/a
n/a
Other liabilities
11,607
10,199
9,741
+13.8%
Total liabilities and equity
53,369
52,439
56,500
+1.8%
Fixed assets
6,240
6,228
6,959
+0.2%
Goodwill
20,690
20,717
19,927
-0.1%
Intangible assets
5,381
5,719
6,358
-5.9%
Securities held for sale or to maturity
n/a
n/a
393
Cash and equivalents
3,249
3,723
7,023
-12.7%
Receivables
6,416
5,969
6,014
+7.5%
Inventory
4,608
4,620
4,507
-0.3%
Other assets
6,785
5,463
5,319
+24.2%
Total assets
53,369
52,439
56,500
+1.8%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.