Shares of Baker Hughes Co. BKR were up more than 2% in premarket trading Monday after the energy company fell short of expectations with its latest revenue and earnings numbers but said it had record orders of $8.0 billion for the fourth quarter. Baker Hughes reported fourth-quarter net income of $182 million, or 18 cents a share, compared with $294 million, or 32 cents a share, in the year-prior quarter. On an adjusted basis, Baker Hughes earned 38 cents a share, up from 25 cents a share a year before but below the FactSet consensus, which called for 40 cents a share. Revenue rose to $5.91 billion from $5.49 billion, while analysts had been looking for $6.06 billion. “Despite recessionary pressures in some of the world’s largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist,” Chief Executive Lorenzo Simonelli said in a release. “With years of under investment now being amplified by recent geopolitical factors, global spare capacity for oil and gas has deteriorated and will likely require years of investment growth to meet forecasted future demand.”
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