(Reuters) -U.S. oilfield technology firm Baker Hughes beat Wall Street estimates for fourth-quarter profit on Thursday, helped by demand for its industrial and technology products.
Orders jumped 44% rise in its gas technology equipment, lifting revenue in its industrial and energy technology (IET) segment to $3.5 billion.
IET booked $3.8 billion of orders in the quarter, supported by strong LNG orders and another gas infrastructure award, CEO Lorenzo Simonelli said.
The Houston-based company posted an adjusted profit of 70 cents per share for the three months ended Dec. 31, compared with analysts’ average expectation of 63 cents, according to estimates compiled by LSEG.
(Reporting by Seher Dareen and Mrinalika Roy in Bengaluru; Editing by Sriraj Kalluvila)
