Baker Hughes (BHI) saw its loss narrow to $417 million, or $0.98 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1,031 million, or $2.35 a share. On the other hand, adjusted net loss for the quarter widened to $126 million, or $0.30 a share from a loss of $93 million or $0.21 a share, a year ago.
Revenue during the quarter dropped 28.99 percent to $2,410 million from $3,394 million in the previous year period. Operating margin for the quarter stood at negative 7.18 percent as compared to a negative 40.57 percent for the previous year period.
Operating loss for the quarter was $173 million, compared with an operating loss of $1,377 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $266 million compared with $376 million in the prior year period. At the same time, adjusted EBITDA margin contracted 4 basis points in the quarter to 11.04 percent from 11.08 percent in the last year period.
"During 2016, against the back-drop of another difficult year for the industry, we achieved significant progress on our commitment to improve financial performance by reducing operational costs, optimizing our capital structure, and strengthening our commercial strategy," said Martin Craighead, Baker Hughes chairman and chief executive officer.
Operating cash flow improves significantlyBaker Hughes has generated cash of $4,229 million from operating activities during the year, up 135.47 percent or $2,433 million, when compared with the last year. Cash flow from investing activities was $203 million from investing activities during the year as against cash outgo of $905 million in the last year.
The company has spent $2,185 million cash to carry out financing activities during the year as against cash outgo of $282 million in the last year period.
Cash and cash equivalents stood at $4,572 million as on Dec. 31, 2016, up 96.73 percent or $2,248 million from $2,324 million on Dec. 31, 2015.
Working capital increases
Baker Hughes has recorded an increase in the working capital over the last year. It stood at $6,863 million as at Dec. 31, 2016, up 5.70 percent or $370 million from $6,493 million on Dec. 31, 2015. Current ratio was at 3.98 as on Dec. 31, 2016, up from 3.34 on Dec. 31, 2015.
Debt comes downsignificantly Baker Hughes has recorded a decline in total debt over the last one year. It stood at $3,018 million as on Dec. 31, 2016, down 25.32 percent or $1,023 million from $4,041 million on Dec. 31, 2015. Total debt was 15.86 percent of total assets as on Dec. 31, 2016, compared with 16.78 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.24 as on Dec. 31, 2016, when compared with the last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
